Assessed Value for Array??? (Cody: real estate, assessors, house)

[volosong]

Was looking at some real estate listings this evening of a city in WY and they showed a heading titled "Assessed Value for Array". Below that, it lists a monetary value for "Land", "Improvements", and "Total". What do these figures mean? They don't seem in any to correspond to a listing price. In fact, they're about a degree of magnitude less. (I understand "Land" is the bare soil and "Improvements" are any man-made structures on the property".)

[WyoNewk]

In Wyoming "assessed value" is far from appraised value. County assessors use a formula that's a fraction of the actual value, and I believe it also varies depending on what they're assessing. Assessed value is what's used for taxing. I wouldn't depend on it for anything else.

Some of the other folks on here can probably be of more help. I don't even know the assessed valuation on my own properties. I see them once a year when the tax bills come.

Edit:
Here ya go...

http://soswy.state.wy.us/rules/rules/8110.pdf

Section 10. Valuation and Taxable Value
(a.) The fair market value of all taxable property shall be determined by applying the methods of valuation outlined above. In all cases, additions, deletions and changes in use will be recognized by appraisers and appropriate adjustments will be made to the valuation of the property.
(b.) The taxable value of property in the State of Wyoming shall mean a percent of fair market value of property in a particular class as follows:
(i.) All property used for industrial purposes, eleven and one-half percent (11.5%);
(ii.) All other property, real and personal, nine and one-half percent (9.5%).

[volosong]

Yeah, I'd believe that. For this particular house in Cody, the Land value was $3,469, the Improvements value is $16,759, for a Total of $20,225. 9.5% of that would be $1,921. That's a reasonable yearly tax figure for a house that is listed at $219,000. Probably that tax figure is based on a lower value than what the place is currently listed for. Still, it's a bit less than half what I'm paying now. Thanks for the explanation.

This particular house is a modest tract house built nine years ago. 4bed, 2bath, 2,240 ft. sq. Finished basement. Small yard. No direct views of the hills, but might be a nice retirement home anyway.

[WyoNewk]

No, I didn't explain that well. Taxes are figured on the assessed value. $20K doesn't sound right for assessed value. My house would probably sell for $225K or $250K. I think my taxes on it are somewhere under $1000 per year. I'll have to look it up and let you know. Taxes on my "business" are $35/year. LOL That's for a computer and printer, desk and a couple chairs plus some old camera gear.

[volosong]

Nah! Don't spend the time looking it up. I was just wondering what the phrase "Assessed Value for Array" meant. The confusion is "Array". I know what a satellite array is. I know what a mathematical array of numbers are. But, what the heck does it mean when applied to real estate?

Whatever the tax figure is, in WY it will be a whole lot less than I'm paying now. I did look last night and saw my yearly property tax is a bit over $4k a year. Gotta spread the wealth, I suppose. Or that's what Dear Leader tells us.

[branDcalf]

Mineral/energy income potential? I'm curious, too.

[ScottStielow]

Interesting Subject. Thanks Volosong for the post.