Agricultural Tax Exemptions
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 value.
How does Wyoming determine if my land is agricultural?
Agricultural land must meet the following criteria.
1. As of the assessment date, the land is being used for an agricultural purpose, which includes: a.) cultivation of the soil for production of crops; or b.) production of timber products (firewood does not count) or grasses for forage; or c.) rearing, feeding, grazing or management of livestock.
2. The land is not part of a platted subdivision. Pursuant to §39-13-103(b)(x)(B)(II) individual subdivision parcels of thirty-five (35) acres or more “which otherwise qualifies as agricultural land” may be considered for agricultural classification.
3. If the land is not leased land, the owner has derived annual gross revenue of not less than five hundred dollars ($500) from the marketing of agricultural products. If the land is leased, the lessee has derived annual gross revenue of not less than one thousand dollars ($1,000) from the marketing of agricultural products.
4. The land has been used or employed, consistent with the land’s size, location and capability to produce as defined by the Department’s rules and the “Mapping and Agricultural Manual”.
This information is derived from the Wyoming Agricultural Statistics Service’s commodity price data. This information, which consists of all hay, all wheat and grazing prices, is converted to a 5 year weighted average.
This rate is based on the Farm Credit Services of Omaha’s Long Term Portfolio rates (with an added effective tax rate component), which are also converted to a 5 year weighted average.
To determine the net income, the unit price of each of the three commodities is multiplied by the production per acre. Next, the landlord share is determined, if applicable, then the expenses and production losses are deducted to establish a net income to the landlord.
The final step in the process is capitalizing the net income. The following formula illustrates the final step in the valuation process. Figuring the tax bill 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 value.
Wyoming Department of Revenue
122 West 25th St., Herschler Building, 2nd Floor
West Cheyenne, WY 82002
Phone: 307-777-5431
Fax: 307-777-7527
http://revenue.state.wy.us
*This information is sourced from the Crook County website.
Go to the Teton County website to understand how property in taxed in Teton County, WY
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