011-9 Wyo. Code R. § 9-13

Current through April 27, 2019
Section 9-13 - Personal Property

(a.) According to the IAAO Standard on Personal Property (2005), "the cost, sales comparison, and income approaches should be considered in the appraisal of personal property as long as the market within the trade level is in equilibrium." Refer to the following paragraphs for more specific guidance in the valuation of personal property.

(b.) For personal property, the valuation methodology selected shall reflect the trade level at which personal property is found, and shall account for factors influencing the value in place including utility, usefulness to the owner or the actual income produced.

(c.) References: Property tax appraisers may use any published source to establish costs or sales of personal property, including, but not limited to, "blue books" on boats, airplanes, farm and construction equipment, and information developed by the Property Tax Division.

  • (i.) The Property Tax Division shall annually conduct a study of information on personal property, using such source material as may be available, including but not limited to trade journals and publications, auction information, sales from dealers and manufacturers, industry associations, as well as comment from interested parties.
  • (ii.) The Property Tax Division shall interpret the data collected in the study on personal property and make recommendations. The completed work product shall be published annually and be entitled "Wyoming Personal Property Valuation Manual."
  • (iii.) The "Wyoming Personal Property Valuation Manual" shall also include updated cost trend factor tables and depreciation tables. Said tables shall also be made available on the computer-assisted mass appraisal system for personal property.
  • (iv.) For appropriate personal property definitions refer to Section 4. Definitions of these rules.
  • (v.) For appropriate appraisal methods for personal property refer to Section 5. Appraisal Methods of these rules.

(d.) Depreciation in the case of personal property. For personal property:

  • (i.) The Property Tax Division shall provide tables of depreciation factors for use by property tax appraisers. Other rates of depreciation may be developed by the appraiser.
  • (ii.) The Property Tax Division shall develop economic life tables based on information from such sources as, but not limited to, the Internal Revenue Service publications 534 and 946 as well as Marshall Valuation Service and recommendations from the Wyoming County Assessors Association.
  • (iii.) Depreciation shall be applied beginning at the first assessment date after the property is acquired.
  • (iv.) Depreciation shall continue to be applied until the residual value is reached. The residual value shall be considered to be no less than 20% for all personal property, unless the property tax appraiser has collected sufficient market information to indicate a different residual value.

011-9 Wyo. Code R. § 9-13