Property Taxes

Property Taxes

The Tax Process
The taxation process is extremely complex. Taxation begins with the County Assessor's Office determining value of properties. To determine the value of a property, the assessor uses fair market value, the value a property should sell for on the open market. Once the valuation is complete, the assessor transfers the value to the County Treasurer's Office. The county treasurer is then responsible for the billing and collection of the county tax roll.

Defining & Evaluating Property Taxes

A property tax is an ad valorem tax. That is a tax imposed according to the value of the property. Once the county assessor has determined fair market value, this value is multiplied by the level of assessment determined by the legislature. Currently, the level of assessment is 11.5% for industrial property and 9.5% for all other property. The result is assessed valuation. The assessed value is then multiplied by the mill levy (set by the County Commission) to come up with the tax dollar amount due. The county treasurer then has the duty to collect the tax due.

  • Example: A home in Rock Springs has a fair market value of $200,000 and a mill levy of 70.00 mills.
    • Fair Market Value x Level of Assessment = Assessed Value
      • $200,000 x 9.5% (residential) = $19,000 Assessed Value
    • Assessed Value x Mill Levy = Tax Dollar Amount Due
      • $19,000 x (Mill Levy x 70.00) = $1,330 Tax Dollar Due

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