Language of Assessment

  • Abatement - An official reduction or invalidation of an assessed valuation after the initial assessment for ad valorem taxation has been completed.
  • Account Number - The Account Number for a parcel is generated by RealWare. It is used by the Assessor’s Office to identify parcels. These seven-digit numbers are prefaced with R for Real Property, P for Personal Property, M for Mobile Homes, and O for Oil and Gas Industries. Each parcel has three different numbers associated with it: Account Number, Tax ID / Parcel Number, and GEO Number / Parcel Identification Number (PIDN).
  • Acre - A land measure equal to 43,560 square feet.
  • Ad Valorem - Literally, according to value.
  • Ad Valorem Tax - A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment provision, and the like, property tax is an ad valorem tax.
  • Assess - To value property officially for the purpose of taxation.
  • Assessed Value - The taxable value of a property. This value is calculated by multiplying the fair market value by the assessment level or tax rate. View more information about assessed value.
  • Assessment Date - The status date for tax purposes. Appraised values reflect the status of the property and any partially completed construction as of this date. The date for Wyoming is January 1 of each tax year. All properties in Wyoming must be valued, assessed, and taxed to the owner of record on this date.
  • Assessment Level / Tax Rate - The percentage of fair market value that determines assessed value. The current level of assessment in Wyoming for industrial property is 11.5%, for any producing mineral it is 100%, and for all other property it is 9.5%. The level of assessment is set by the Wyoming State Legislature and is subject to change.
  • Assessment Roll - A public record that shows how the property tax levy is allocated among the property owners in a jurisdiction with taxing powers; usually identifies each taxable parcel in the jurisdiction, the name of the owner of record, the address of the parcel or the owner, the assessed value of the land, the assessed value of the improvement(s), applicable exemption codes if any, and the total assessed value.
  • Assessment Schedule - Also called an NOV (Notice of Value). Sent to the taxpayer on or before the fourth Monday in April, the Assessment Schedule contains the property's estimated fair market value for the current and previous year, or productive value in the case of agricultural property, the assessment ratio, the amount of taxes assessed on the taxable property from the previous year, and an estimate of the taxes which will be due and payable for the current year based on the previous year's mill levies.
  • Board of Equalization - A non-judicial board that reviews assessments to see that all districts are assessed at a uniform level of value; authorized to raise or lower the assessments to achieve a uniform basis of taxation.
  • Certificate of Title - A document, usually given to a home buyer with the deed, which states that the title to the property is believed to be clear; usually prepared by an attorney or another qualified person who has examined the abstract of title for the property.
  • Comparables - A shortened term for similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called "comps."
  • Cost Approach - The method of estimating the value of property by estimating the cost of construction based on replacement or reproduction cost, new or trended historical cost, subtracting depreciation, and adding the estimated land value.
  • Deed - A written, legal instrument that conveys an estate or interest in real property when it is executed and delivered (see also quitclaim deed and warranty deed). The Clerk's Office has a public records search for information in Teton County since 2006.
  • Depreciation
    • In appraising, a loss in property value from any cause; the difference between the reproduction or replacement cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date.
    • In regard to improvements, depreciation encompasses both deterioration and obsolescence.
  • Fair Market Value - The amount of money a well-informed buyer would pay and a well-informed seller would accept for property that has been on the open market for a reasonable amount of time, assuming neither buyer nor seller is acting under pressure.
  • Geographic Information System (GIS) - One type of computerized mapping system capable of integrating spatial data (land information) and attribute data among different layers on a base map.
  • Improvements - Buildings, other structures, and attachments or annexations to land that are intended to remain so attached or annexed.
  • Legal Description - A delineation of dimensions, boundaries, and relevant attributes of a real property parcel that serve to identify the parcel for purposes of law. The description may be in words or codes, such as metes and bounds or coordinates. For a subdivided lot, the legal description would contain lot and block numbers and a subdivision name. For those that are not platted, it would be a township, range, section, and any applicable quart
  • Mill - Literally, one thousandth. For tax purposes: $1 of taxes for every $1000 of assessed value.
  • Notice of Value (NOV) - Also referred to as assessment schedule.
  • Parcel Identification Number (PIDN) - This 14-digit  number is also called a Geo Number because it is based on Township and  Range. The first two digits reference the Township and the next two  digits reference the Range. Each parcel has three different numbers  associated with it: Account Number, Tax ID / Parcel Number, and GEO  Number / PIDN.
  • Parcel Number - The Parcel Number or Local Number is the same as the Tax ID Number assigned by the Assessor’s Office. It is shown on your tax bill and used by the Treasurer’s Office in identifying your tax payment for that particular parcel. The first two digits of this nine-digit number reference the tax district where the parcel is located. Each parcel has three different numbers associated with it: Account Number, Tax ID / Parcel Number, and GEO Number / PIDN
  • Personal Property - Every kind of property that is not real property; it is moveable without damage to itself or the real estate; and subdivided into tangible and intangible property.
  • Property Record Card - An assessment document with blanks for the insertion of data for property identification and description, for value estimation, and for property owner satisfaction.
  • Quit Claim Deed - A form of conveyance in which any interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty of title. The Clerk's Office has a public records search for information in Teton County since 2006.
  • Range Lines - Lines in succeeding six-mile increments on either side of the Meridian.
  • Real Property - Consists of the interests, benefits, and rights inherent in the ownership of land and anything permanently attached to the land.
  • RealWare - The Computer Assisted Mass Appraisal (CAMA) system used by the Assessor’s Office. The Wyoming Department of Revenue mandated that all county’s use this system. The CAMA System dramatically reduces the time, effort, and expense necessary to fix a value to a property.
  • Statement of Consideration (SOC) - A document providing sales information that must be used in addition to other information to determine current market value. The seller, buyer, or agent completes the document at the time of property transfer. In the State of Wyoming SOC information is confidential and not public record. Property owners may review sales information used to determine the value of their property. The SOC review period is only during the 30-day appeal period and the property owner may not further disclose the sales information to other persons or property owners. Sales information may be introduced to the County Board of Equalization during a formal appeal, but actions must be taken to prevent its indiscriminate disclosure.
  • Tax ID Number - The Tax ID Number is the same as the parcel number or local number. It is assigned by the Assessor’s Office. It is shown on your tax bill and used by the Treasurer’s Office in identifying your tax payment for that particular parcel. The first two digits of this nine-digit number reference the tax district where the parcel is located. Each parcel has three different numbers associated with it: Account Number, Tax ID / Parcel Number, and GEO Number / PIDN
  • Tax Rate / Assessment Level - The percentage of fair market value that determines assessed value. The current level of assessment in Wyoming for industrial property is 11.5%, for any producing mineral it is 100%, and for all other property it is 9.5%. The level of assessment is set by the legislature and is subject to change.
  • Township - An approximately 36-square-mile division of land. Townships are bounded by two successive Range Lines on the east and west and to successive Township lines on the north and south. A Township is divided into 36 sections.
  • Warranty Deed - A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document. The Clerk's Office has a public records search for information in Teton County since 2006.