Wyoming

Last Updated: March 2020

For the complete text of Wyoming statutes and other property tax information please refer to the Wyoming Department of Revenue Ad Valorem & Property Tax Division.

Property Classification:

Property is classified into three classes. The taxable value of the property is a percent of the fair market value of the property in a particular class (Wyo. Stat. Ann. § 39-13-103). The three classes, with their percent of fair market value, are as follows:

(1) Gross product of minerals and mine products (100%);

(2) Property used for industrial purposes (11.5%); and

(3) All other property, real and personal (9.5%)

For property tax purposes "forest land" falls under the definition of "range land" which is valued and assessed as agricultural land.

Agricultural Land

Contiguous or noncontiguous parcels of land under one operation, owned or leased, may be classified as agricultural land if the following qualifications are met:

(1) The land is presently used for an agricultural purpose, as defined below;

(2) the land is not part of a platted subdivision;

(3) the owner has derived at least $500 in annual gross revenues from marketing agricultural products, or if the land is leased, the lessee has derived at least $1,000 in such revenues; and

(4) the land has been used, consistent with its size, location, and capability to produce, primarily in an agricultural operation.

Land may still be classified as agricultural land if qualifications 3 and 4 above have not been met because the producer (1) experienced a production failure beyond the producer's control, (2) delayed marketing for economic advantage, (3) participated in a bona fide conservation program, or (4) planted a crop that did not yield an income in the tax year. (Wyo. Stat. Ann. § 39-13-103(b)(x))

Agricultural products include, but are not limited to, the raising of livestock in a domestic or captive environment, the growing of crops or forage, or the raising of timber products. This does not include the milling, manufacturing or processing of agricultural commodities.

Wyoming agricultural land is valued according to its capability to produce forage or crops. For valuation purposes, all agricultural land use is categorized as irrigated crop land, dry crop land or range land. In each of the three agricultural categories, one commodity was chosen to measure productivity.

Range Land -means any land, which is used for livestock production, and cannot or has not been cultivated, by mechanical means. Wasteland and inaccessible land shall also be included in this category. The presence of trees is not considered a detriment to production and the land shall be valued as rangeland under the premise that the presence of trees is a management choice of crop or mix of crops. If the forestland is neither grazed nor produces timber products, it is not qualified as agricultural land.

Valuation and Assessment:

Agricultural and grazing lands, which includes forest, are valued according to the capability of the land to produce agricultural products under normal conditions. The valuation of agricultural lands is based on the income approach to value. This approach involves capitalizing the net rental income from the 3 types of agricultural uses to derive a value.

The capitalization rate used in valuation of the agricultural lands is the 5 year weighted average of the annual Farm Credit Services of Omaha long term loan portfolio interest rates (with an added effective tax rate component). This capitalization rate is used in the income approach for the valuation of all agricultural lands (irrigated crop land, dry crop land and range land).

Land Value Per Acre = (Yield Per Acre x Net Value Per AUM) / Capitalization Rate

Wyoming is a fractional assessment state. This means that the taxable value is based on a portion of the full value. In Wyoming this fractional amount is 9.5% for agricultural property. To arrive at the assessed value, multiply the total land value per acre times 9.5%. The assessed value is then multiplied by the appropriate tax district mill levy, to obtain the tax.

Wyoming Department of Revenue publishes the Agricultural Land Valuation Study each year. The study determines the taxable value on agricultural lands and describes the methodology used.

Wyoming Range land assessed value (including forest land) in 2020

LRA
Value range
R-1
R-2
R-3
R-4
R-5
Waste
1
HIGH
$88
$29
$22
$15
$11
$7
1
LOW
$55
$22
$15
$11
$7
$1
2
HIGH
$86
$22
$15
$11
$7
$4
2
LOW
$42
$15
$11
$7
$4
$1
3
HIGH
$74
$15
$11
$7
$4
$2
3
LOW
$37
$11
$7
$4
$2
$1
4
HIGH
$74
$15
$11
$7
$4
$2
4
LOW
$37
$11
$7
$4
$2
$1
5
HIGH
$59
$11
$7
$4
$2
$1
5
LOW
$29
$7
$4
$2
$1
$1

Note: The assessed value is 9.5% of the Range Land Appraised Value.

Source: Wyoming Department of Revenue. 2019. 2020 Agricultural Land Valuation Study.

The state of Wyoming does not have a severance or yield tax on timber or timber products.

Wyoming Department of Revenue. 2017. Agricultural land overview. http://wyo-prop-div.wyo.gov/agricultural/publications-ag

Wyoming Department of Revenue. How Agriculture Lands are valued in Wyoming.