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 Sublette County as of January 1 of each year. Businesses are identified through various means such as:
- Newly issued sales tax permit lists provided by Wyoming Department of Revenue
- Telephone books
- Observations or word of mouth
- Field inspections
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. Personal property held for personal use is tax exempt. Inventory, pollution control equipment, cash, accounts receivable, stocks, and bonds are also exempt.
Personal property reporting has always been done on an honor system in this 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 Assessment Schedules. Personal Property Assessment Schedules have the estimated market value and assessed value of the property reported by the business. Personal property assessed value is a factor of the estimated market value minus depreciation. As with all assessments, they must be appealed within 30 days of the postmark date if the business objects to the value. The Appeal Process is explained on the Real Property page.
If a business does not file a listing of personal property on the appropriate form by the March 1 due date, a non-report estimate of value will be placed on the property based on the best available information and a fine may be imposed. The reporting deadline may be extended to April 1 if the Assessor's Office is notified. According to Wyoming State Statute 39-13-108 (c), a business could be fined $500 with an additional $100 per day for failure to file or report accurately.
After the first year of reporting, our office generates and mails a personal property listing reflecting the information provided the previous year. Each business must verify what is listed, check for accuracy, make corrections, deletions, and/or additions, sign the form, and return it to our office by the March 1 due date. This form must be returned even if there has been no change in the business personal property.
Personal property is taxed in the same manner that real property is taxed. A commercial or agricultural company reporting $10,000 in Sublette County would pay an average of $60.08 personal property tax.
The Wyoming Department annually publishes the Wyoming Personal Property Valuation Manual that includes general listings of personal property categories, updated cost trend factor tables, economic life tables and depreciation table. The manual is available from the Wyoming Department of Revenue website Commercial & Industrial Page.