Proper reporting of personal property and paying the subsequent taxes are the responsibilities of those doing commercial, agricultural, industrial, and oil and gas business in Wyoming. Wyoming State Statutes give the county assessor the responsibility of identifying, valuing, and assessing all business personal property in Sweetwater County as of January 1 of each year. Businesses are identified through various means such as:
- Field inspections
- Observations or word of mouth
- Newly issued sales tax permit lists provided by the Wyoming Department of Revenue
- Telephone books
Defining Person Property
Personal property, by definition, consists of every kind of property that is not real property. It is moveable without damage to itself or the real estate. Personal property for taxation purposes is any equipment, machinery, computers, software, electronics, tools, furniture, phones, and cameras to name some examples used for business purposes.
Licensed vehicles are not included because property tax is paid when license tags are paid for. Inventory, pollution control equipment, cash, accounts receivable, stocks, and bonds are exempt.
Declaring Personal Property & Assessment Schedules
Personal property reporting has always been done on an honor system in Sweetwater County. For the system to be fair, all businesses must honestly declare personal property used in the business on the appropriate forms. All reports are subject to on-site review or audit for accuracy of reporting.
All property owners subject to taxation are notified in April of each year with the mailing of personal property assessment schedules. Personal property is taxed in the same manner that real property is taxed. For instance, a commercial or agricultural company reporting $10,000 in Sweetwater County would pay an average of $71 personal property tax.