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Minerals shoulder tax burden
Associated Press
CHEYENNE, Wyo. - The minerals industry paid more than half the property taxes collected in Wyoming last year, and more than double what residential owners paid.
The taxable value, or assessed valuation, of mineral property was $5.6 billion last year, or 54.4 percent of all property, according to the Wyoming Taxpayers Association in its annual summary compiled from information supplied by state and county tax officials.
Residential property, valued at $2.3 billion, made up 22.2 percent of all taxable property. Industrial property was valued at $1.6 billion, or 15.4 percent, while commercial property, at $675 million, comprised 6.5 percent.
Agricultural lands, valued at $156 million, made up 1.5 percent of the statewide total.
The presence of minerals greatly affects each county's ability to raise revenue.
"Tax wealth varies widely in Wyoming," the taxpayers association reported. "Campbell County, for example, can raise $2.6 million per mill, while Laramie County raises $538,688 and Niobrara County can raise only $39,530."
A mill represents a thousandth of each dollar of taxable value of a property. Property owners pay about 60 to 80 mills per year, depending on the county and special taxing districts they live in, such as for fire protection, cemeteries, hospitals and solid waste disposal.
In northwest Wyoming, residential taxes are rising sharply, providing a non-minerals revenue boost.
"Scenic Teton County … is now Wyoming's fourth richest county solely because of its residential tax base in and around Jackson Hole," the association reported.
Teton ranked behind only Campbell, Sweetwater and Sublette counties - the three richest minerals counties. At the bottom were Niobrara, Weston and Goshen counties.
Of $668.6 million in property taxes collected in 2003, the bulk, or 70 percent, went to public schools. County governments kept 21.5 percent, while special districts received 4.2 percent, community colleges 2.8 percent and cities and towns 1.8 percent.
The total amount of property taxes collected fell 7.6 percent from 2002, nearly mirroring a 7.4 percent decline in statewide assessed valuation - which dropped from $11.2 billion to $10.3 billion.
"Official projections, however, predict $13 billion in annual state valuation for the next several years driven by mineral production and prices," the report said.
Over the past 10 years, the state's assessed valuation rose 64.4 percent, while total property taxes climbed 53.1 percent.
The Wyoming Taxpayers Association is a nonprofit group whose board members include representatives from local governments, utilities, mining companies, railroads and other businesses
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Associated Press
CHEYENNE, Wyo. - The minerals industry paid more than half the property taxes collected in Wyoming last year, and more than double what residential owners paid.
The taxable value, or assessed valuation, of mineral property was $5.6 billion last year, or 54.4 percent of all property, according to the Wyoming Taxpayers Association in its annual summary compiled from information supplied by state and county tax officials.
Residential property, valued at $2.3 billion, made up 22.2 percent of all taxable property. Industrial property was valued at $1.6 billion, or 15.4 percent, while commercial property, at $675 million, comprised 6.5 percent.
Agricultural lands, valued at $156 million, made up 1.5 percent of the statewide total.
The presence of minerals greatly affects each county's ability to raise revenue.
"Tax wealth varies widely in Wyoming," the taxpayers association reported. "Campbell County, for example, can raise $2.6 million per mill, while Laramie County raises $538,688 and Niobrara County can raise only $39,530."
A mill represents a thousandth of each dollar of taxable value of a property. Property owners pay about 60 to 80 mills per year, depending on the county and special taxing districts they live in, such as for fire protection, cemeteries, hospitals and solid waste disposal.
In northwest Wyoming, residential taxes are rising sharply, providing a non-minerals revenue boost.
"Scenic Teton County … is now Wyoming's fourth richest county solely because of its residential tax base in and around Jackson Hole," the association reported.
Teton ranked behind only Campbell, Sweetwater and Sublette counties - the three richest minerals counties. At the bottom were Niobrara, Weston and Goshen counties.
Of $668.6 million in property taxes collected in 2003, the bulk, or 70 percent, went to public schools. County governments kept 21.5 percent, while special districts received 4.2 percent, community colleges 2.8 percent and cities and towns 1.8 percent.
The total amount of property taxes collected fell 7.6 percent from 2002, nearly mirroring a 7.4 percent decline in statewide assessed valuation - which dropped from $11.2 billion to $10.3 billion.
"Official projections, however, predict $13 billion in annual state valuation for the next several years driven by mineral production and prices," the report said.
Over the past 10 years, the state's assessed valuation rose 64.4 percent, while total property taxes climbed 53.1 percent.
The Wyoming Taxpayers Association is a nonprofit group whose board members include representatives from local governments, utilities, mining companies, railroads and other businesses
link
