Fremont County has seen a significant drop in its total assessed value for the year, according to Assessor Tara Berg. In a report delivered at the Fremont County Commission meeting on Tuesday, Berg shared that the county’s assessed value will be set at $697.5 million for 2025, a decrease of about 18% from last year’s total of $851 million.
Loss in Tax Revenue
The decline of $153 million in the county’s total assessed value will lead to an estimated loss of approximately $1.8 million in tax revenue for the year, Berg explained.
A significant portion of this loss, around $808,000, is due to a decrease in oil and gas revenues, which have been hit hard this year. However, much of the remaining reduction in revenue can be attributed to property tax exemptions passed by the Wyoming Legislature in recent years.
Impact of Property Tax Exemptions
Berg highlighted several key property tax exemptions that contributed to the decrease in assessed value. For example, the 25% property tax exemption for single-family homes in Wyoming has reduced Fremont County’s assessed value by $70.8 million, resulting in a loss of $849,630 in local revenues.
Additionally, Wyoming’s 4% cap on property tax increases and the 50% property tax exemption for long-term homeowners reduced the county’s assessed value by another $63.6 million, leading to a further $762,000 decrease in local revenues. This year, Fremont County granted 2,226 exemptions for long-term homeowners.
Offset by Commercial and Agricultural Property Increases
While the loss in revenue is significant, Berg noted that some of the gap has been partially offset by increases in commercial and agricultural property taxes.
These increases have helped reduce the overall impact, and without them, Fremont County’s tax revenue loss could have reached $2.4 million instead of the projected $1.8 million.
Budget Impact and Next Steps
The Fremont County Commission has just completed its final round of budget hearings with various department heads and will hold its first budget work session on Monday, June 10. The commission will need to navigate these revenue losses as they plan for the upcoming fiscal year.
For more information about the county’s finances or the upcoming budget work session, residents can contact the Fremont County Assessor’s Office at (307) 332-1130.
