The local assessor estimates the fair market value of property for tax purposes. Statutes limit property tax rate increases. With very few exceptions, state law limits the property tax rate for all governmental purposes. A June 2000 survey by the Wyoming Taxpayers Association found that the state's residential property tax rate of 0.753 percent of market value compares to an average of 1.4 percent for surrounding states and 1.2 percent to 1.5 percent average tax rate for all states, depending on the price of the home. Nominal property tax rates, or mill levies, vary widely among the over 400 separate government bodies in Wyoming that levy property tax.
Personal property held for personal use is tax exempt.
Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt. Other exemptions include property used for religious, educational, charitable, fraternal, benevolent and government purposes and improvements for handicapped access. Minerals are exempt from property tax, but must pay a gross products tax and a severance tax when produced. Under-ground mining equipment is tax exempt. The exemption is available to Wyoming residents who are honorably discharged veterans of certain military conflicts.