Property Taxes

Jackson Hole (Teton County, Wyoming) enjoys low property taxes when compared to counties in other states. Property taxes are calculated by multiplying the mill levy by the assessed value, and the assesed value is equal to the appraised value times 9.5%. The mill levy is generally given as an amount per $1000 dollars of value, so before multiplying the levy by the assessed value, you should move the decimal point on the levy to the left by three places. You can download the table with the appraised values by area at the Teton County Assesors website.  Here is the formula:

A = Mill Levy Rate

B = 1,000 (Divisor used to convert mill rate to a decimal)

A÷B = C (Mill rate expressed in decimal form)

D = Total assessed value of your property.

(You will be assessed only on a portion of your property`s total value. The assessed value will equal 9.5% of the total appraised value.)

C x D = E (Your Estimated Tax Bill)

Now let's see a real world example:
 

Let's say the property is worth $1,000,000, and the mill levy rate is $57.32.

Multiply $1,000,000 (appraised value) by 9.5% to get $95,000 (assessed value).

Now multiply $95,000 (assessed value) by 0.05732 (mill levy divided by $1,000) to get $5,445.40 (annual taxes).

Compare that to places like Califronia, New York or Texas and you'll realize the benefit.  In addition to property taxes, Wyoming residents enjoy other tax-friendly benefits as a resident of this great state.