Property taxes have been a huge topic at the Wyoming Legislature and in our local communities. But few people really know the ins-and-outs of what they are, how they are determined, and what they fund.
Here are some basic questions and answers about property taxes in Wyoming, what the Legislature has done in recent years, and what the impact of those decisions have been.
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Why do we have property taxes? What do they fund?
Local governments collect property taxes to fund public services including law enforcement, fire protection, water and sewer, garbage collection, hospital districts, parks and recreation, libraries, infrastructure projects (like roads and bridges) and schools.
Property tax cuts hurt education. Right now, cuts to K-12 schools are backfilled by the state, but only until the “Rainy Day Fund” that does that back-filling runs out. That won’t take long at the rate we’re going. The cuts are already harming the community colleges that prepare young people for the workforce.
The services supported by property taxes are overseen by local lawmakers - our neighbors, who are closest to the people they serve.
Small communities without much of a tax base get hurt the most by property tax cuts.
Are property taxes high in Wyoming compared to other states?
The short answer is no. Wyoming has one of the lowest median property tax rates in the United States. Only 11 states collect a lower median property tax.
The median property tax in Wyoming is $1,058 per year for a home worth the median value of $184,000. Counties in Wyoming collect an average of 0.58% of a property's assessed fair market value.
The property tax levied depends on the county the property is located. Teton County collects the highest property tax, levying an average of $3,496 annually. Weston County has the lowest property tax, collecting an average yearly tax of $579.
How much have property taxes gone up in Wyoming in the past few years?
Even though our property tax rate is low, property taxes overall increased 65.2% between 2019 and 2023. That average is skewed by an outlier county, Teton, which saw the highest increase at 111%. Sweetwater County had only 19.5% growth.
The increase in property taxes is the result of one thing: an increase in the value of people’s homes, especially in scenic mountain towns.
What steps did the state of Wyoming take prior to 2025 to address property tax increases?
In 2024, the Legislature took multiple measures to address property tax increases, targeting people who needed relief:
- Put a 4% cap on all year-to-year property tax increases for residential structures and land.
- Expanded Wyoming’s property tax refund program to homeowners who make up to 145% of the median income.
- A 50% property tax cut for Wyomingites at least 65 years old who’ve paid property taxes here for at least 25 years.
- Increased annual tax exemption for Wyoming veterans from $3,000 to $6,000.
How much have property tax revenues already decreased because of these new cuts?
The 4% property tax cap reduced revenue by $18.9 million, including $13 million for public education.
The refund program cut tax revenues by $14.2 million in 2024, a decrease of $6 million over the previous year.
These two programs alone decreased property tax revenue by more than $35 million.
In 2025, when the Freedom Caucus took over the Legislature, what tax cut policy did they pass?
Instead of targeted relief for homeowners who need it, the Legislature under the Freedom Caucus passed a 25% tax cut across the board on a home’s fair market value, up to $1 million. It does not have a sunset date.
The Legislature passed a $10.5 million increase to the property tax refund program, which will expire after 2026.
What are some of the likely results of the 2025 tax cut? What are the impacts?
The tax cut is already having an impact on cities and counties planning budgets and special districts assessing needs for tax revenues.
Sheriffs and firefighters testified at the Legislature that proposed cuts would have serious budget impacts, including lack of adequate staffing.
Hospital districts are already struggling because of a lack of funding.
Property taxes that fund public schools must be made up by the School Foundation Program. In the long term, overall funding for schools will run out as a result of the cuts.
Teton County has been the largest beneficiary of the tax cuts, with the state’s wealthiest residents receiving the biggest handouts.
What is the deal with the property tax initiative on the 2026 general election ballot?
If approved it would cut property taxes by 50% for homeowners who have lived in Wyoming at least a year. These cuts would be even more harmful than the cuts passed by the Freedom Caucus in 2025.
How does the government determine how much you pay?
Property tax is based on the value of the property. The exact amount a person must pay is the result of a formula.
property value X assessment ratio X mill levy/1,000 = tax owed
We will use the example of a $100,000 property in Laramie County, which has a mill levy of 76, to help you understand.
Property value
The county assessor determines the market value of property. In this example, it’s $100,000.
Assessment ratio
The Legislature set the “assessment ratio” for different types of properties. For residential property, the rate is currently 9.5%
So, for the first part of the equation, we multiply the market value by the assessment ratio: $100,000 X 0.095 = $9,500.
This is the property’s “assessed valuation.”
Mill levy
A mill levy is a property tax applied to assessed valuation. The rate is expressed in mills and equal to one dollar per $1,000 of assessed value.
Local government entities—like school districts, hospital districts, and towns and counties—charge mills. They determine their budget needs, then levy the mills necessary to provide the funds.
For example, the total mill levy in Laramie County is 76. Convert it to decimal format by dividing it by 1,000. A mill levy of 76 converts to 0.076.
So, to determine the tax on our example property, we multiply the property value ($100,000) by the assessment ratio (9.5%) to get the assessment value ($9,500), and then multiply that by the mill levy (0.076) to get our amount.
$100,000 X 0.095 X 0.076 = $722
The total property tax on a $100,00 home is $722.