The laws governing the tax appraisal processes of Wyoming are based upon the same principles and procedures that are used throughout the appraisal profession. There are three basic approaches to the valuation of real property:

• The MARKET APPROACH involves comparison of a property with the characteristics of similar properties that have recently been sold.
• The COST APPROACH involves estimating the replacement cost of a structure, and adjusting that estimate to account for depreciation.
• The INCOME APPROACH is an analysis of a property’s value based on its capacity to generate revenue for the owner.

The appraiser may use all approaches that apply to a particular property.