Commercial Personal Property

Overview

Wyoming Statutes

The Wyoming State Constitution, state statutes and Department of Revenue rules detail the valuation and taxation of commercial personal property in the state through the following articles and statutes:

Wyoming Constitution Article 15, Section 11

“(a) All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in three (3) classes as follows:... (iii) All other property, real and personal...”

Wyoming Statute 39-13-103

“(b)(i) Except as otherwise provided: (A) All taxable property shall be annually listed, valued and assessed for taxation in the county in which located and in the name of the owner of the property on January 1;” (continued)

Wyoming Statute 39-13-103

“(b)(ii)Property valued at fair market value. All property shall be annually valued at its fair market value. Except as otherwise provided by law for specific property, the department (Department of Revenue) shall prescribe by rule and regulation the appraisal methods and systems for determining market value using generally accepted appraisal standards.”

Wyoming Department of Revenue Rules, Chapter 9 Sec 6(F)(B)

Identifies the Wyoming Personal Property Valuation Manual as the instrument of 39-13-103 above. The manual contains general listings of personal property categories, trending and depreciation tables and other related information. The Manual is available from the Wyoming Department of Revenue, 122 West 25th Street, Herschler Building, Cheyenne, WY 82002-0110.

Assessments

All property owners subject to taxation will be notified in April of each year with the mailing of Assessment Schedules. These schedules will have the estimated market value and assessed value of the property reported and as with all assessments must be appealed within thirty days of the mail date if the owner objects to the value.

If a business subject to personal property assessment fails to report or respond to inquiries a value estimate will be placed on the property based on the best available information. All reports are subject to on-site review or audit for accuracy of reporting.

Owner Participation

Proper reporting of property is a responsibility and part of doing business. It aids in the fair and equal assessment intended by the constitution and supporting statutes.

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