Each month, the Treasurer's Office distributes the tax monies to the taxing entities of the county. The money is distributed based on the current year's Mill Levies.
Once the taxable valuation has been calculated, it is multiplied by the Mill Levy to determine the amount of taxes due.
The number of mills in a tax district depends on how many mills each taxing entity requests. Wyoming state law limits most entities on how many mills they can levy. For example, the county can request a maximum of 8 mills, cities and towns get 8 mills to run their governments, and school districts are limited to 12 mills. With around 14 taxing entities in the county, it's easy to see how the mill levy can grow. As the mill levy grows, so does your tax bill.
Mill Levies vary depending on what Tax District the property is in. For example, rural tax districts have levies for rural fire protection and districts in the city limits have levies for running the city government.
This is the 2018 Tax Year Value, by category. The breakdown here shows where the money in Converse County is coming from. As you can see, 45.61% of our taxable income comes from Oil, 8.52% comes from Coal. Residential, a person's own Real Estate taxes, comprise 7.72% of the value.
2018 Taxing Authorities
This chart shows the Taxing Authorities for the 2018 Tax Year. These are the districts that apply Mills, which then receive the allotted property tax payment amounts. As you can see, the Schools (with the School Districts and the State Foundation Fund) comprise 75.69% of our taxing authorities. This means they receive 75.69% of the tax money we take in.
The formula for taxation in Wyoming is:
Taxable Value = Taxation Rate * Fair Market Value
A house has a taxation rate of 9.5% (being real property).
Therefore, if the house had a fair market value of $100,000, it's taxable value would be:
9.5% * 100,000 = $9,500
Once the taxable value is determined, it's used to calculate how much tax is due on the property.
The formula for calculating taxes is:
Tax Owed = Taxable Value * Mill Levy / (divided by) 1000.
So, if a $100,000 house has a taxable value of $9,500 (at a 9.5% tax rate), and the mill levy in the tax district was 69.400, the tax would be: