We are happy to report that property values remain strong and are up here in Jackson Hole . This is good news for everyone and the property owners are happy.
Higher property value also means a higher property tax assessment. Many homeowners were surprised by the increase in their property tax bill this year. This made some not quite so happy. So, I want to remind everyone that Wyoming has one of the lowest personal tax rates in the nation.
For those in the Jackson Hole area who feel their property has been assessed at an incorrect value, you may contact the Assessor’s Office. You must bring proof with you concerning the true market value of your property, if it is different than that assessed by the Assessor’s Office. Only 9.5% of the market value of the property is taxable. The formula to determine the taxable value of your property is: market value by 9.5% (100,000 X 9.5% = 9,500). You have until May 15 to contest the assessed value of your property.
For those seeking tax relief, there are some avenues available to you. You may apply for a tax exemption ( a partial reduction in your property taxes) if you are over 65, qualify as a low-income homeowner, you are disabled or are a disable veteran or the surviving spouse of a disabled veteran. If your property was purchased before December 31, 1987, you may also qualify . Exemptions must be applied for prior to the second Monday in May (May12, 2008). Teton County also has a special program which will allow you to place a lien on your property for the second installment of your tax bill.
For questions regarding your tax assessment or for tax relief programs, you should contact the assessor’s office at 733-4960.
For updated information Jackson Hole real estate, please contact us.
Once again, I would like to remind all property owners that even though our property values are up, we are lucky to live in beautiful Jackson Hole and that the state of Wyoming does not levy any personal taxes, making our tax base one of the lowest in the nation.
To learn more about Wyoming tax rates you may visit their website
