keyboard_arrow_up

Property value notices are on the way; Here's what to expect

Property value notices are on the way; Here's what to expect

The Fremont County Assessor’s Office will be mailing the 2016 Notice of Values on April 14th. The Notice of Value gives the taxpayer the market value of their property as well as their estimated taxes for 2016. The actual taxes are set in August by the Fremont County Commissioners. Changes in property values vary depending on the area the property is located and the sales in that particular area. - Agricultural land value will increase slightly again this year. The Wyoming Department of Revenue uses the price of hay and the capitalization rate established by Farm Credit Services to calculate the productive value of the land. - Some areas will see changes based on a reappraisal by our office. Wyoming Department of Revenue Rules requires properties to be physically inspected by our office once every six years. If there have been any physical characteristic changes to a property since our last inspection our records will be updated to include those. Following are the areas of reappraisal that were done for the 2016 Tax Year: *--Riverton:* Residential parcels in the airport area; Riverview Terrace; various parcels off of West Main and North 8th West. --*Lander:* Commercial properties within city limits of Lander; Rural area Snavley Lane and Lyons Valley --*Dubois:* All properties lying within the city limits of Dubois. - Commercial parcels will see a 4%-8% increase based on the type of construction of the building. The State of Wyoming uses a nationally known costing system called Marshall and Swift; which conducts yearly nation-wide studies regarding the cost of construction. - Some areas will see an increase based on sales data. Property taxation in Wyoming is based on market value. To calculate the market value of the property, appraisers from the assessor’s office gather physical characteristics such as year built, construction type, size, etc. of individual properties. Those characteristics are entered into the Computer Assisted Mass Appraisal System and a replacement cost new less depreciated value is then calculated. This cost value is then compared to sale prices. Once that comparison is done, all properties in an area are adjusted to market value. The current year valuation is based on sales information from the previous year. It is imperative to call the Assessor’s office with any questions or concerns within 30 days from the date on the notice. The Fremont County Assessor’s office wants to remind veterans, or widow(ers) of veterans, that it is time to renew the exemption for the 2016 tax year. *h/t Fremont County Assessor Tara Berg. photo h/t Mike Chingman* #county10 #news