Wyoming State Statutes 34-142 (a) require a Statement of Consideration (SOC) to be completed whenever a deed, contract, or document transferring legal title is recorded as part of a property transfer. Information such as date of sale, purchase price, and terms of sale are required. An individual SOC cannot be used to adjust the assessment on a property.
Property owner cooperation and participation are important to a fair system of taxation for all Wyoming property owners. The following information is intended to help you understand the importance of the information provided on a Statement of Consideration.
Statement of Consideration Information
Information on the SOC is not public information. You are protected from random disclosure by provisions and penalties in Wyoming Statute 34-1-142(e). Persons appealing their assessment may review the sales information of properties that were used to determine their fair market value because Wyoming Statutes developed and passed during the 1996 legislative session allow for persons appealing their assessments to review the Statements of Consideration used in determining the value of their property. This Statement of Consideration review period is only during the 30-day appeal period following the mailing of Assessment Schedules. The property owner may not disclose sales information to other persons or property owners. The sales information may be introduced and revealed to the County Board of Equalization during a formal appeal, but indiscriminate disclosure is prohibited.
The Assessor has the complex job of annually determining the fair market value of all the property within the County. To accomplish this, sales information for an area is analyzed to develop adjustments to bring the property to current market value. Since the sales information is crucial to this analysis, the Assessor may need to verify the information with one or more of the parties to the transaction. This may be done by phone, mail, or in person.
Wyoming Statute also states an individual Statement of Consideration shall not, by itself, be used to adjust the assessed value of any individual property. To ensure that sold properties are being valued using the same procedures as unsold, all valid open market sales within a neighborhood are used.
All sales are not used in the market studies. Only sales which are considered valid open market sales are used. Sales involving foreclosures, relatives, gifts, etc., are generally not used.