§ 39-11-101 — Definitions

(a) As used in this act unless otherwise specifically
provided:
(i) "Assessed value" means taxable value;
(ii) "Assessment roll" means the official list of
taxable property for the ensuing tax year and may include taxes
due thereon;
(iii) "Board" means the state board of equalization
or its authorized agent;
(iv) "Department" means the department of revenue or
its authorized agent;
(v) "Director" means the director of the department
of revenue;
(vi) "Fair market value" means the amount in cash, or
terms reasonably equivalent to cash, a well informed buyer is
justified in paying for a property and a well informed seller is
justified in accepting, assuming neither party to the
transaction is acting under undue compulsion, and assuming the
property has been offered in the open market for a reasonable
time, except, fair market value of agricultural land shall be
determined as provided by W.S. 39-13-103(b)(x) and fair market
value of mine products shall be determined as provided by W.S.
39-14-103(b), 39-14-203(b), 39-14-303(b), 39-14-403(b),
39-14-503(b), 39-14-603(b) and 39-14-703(b);
(vii) "Intangible personal property" means personal
property that lacks mass and cannot be seen, felt, weighed,
measured or otherwise perceived by the senses; property that has
no physical existence beyond merely representational.
Intangible property's value lies chiefly in what it represents,
and its existence may be evidenced by a document;
(viii) "In transit property" means manufactured
goods, wares, seed, feed, fertilizer, tools, supplies and
merchandise which is in interstate commerce, or, Wyoming
assembled or manufactured products being held for out-of-state
sale, which are consigned or placed in any storage area in
Wyoming for storage, repackaging, processing, fabricating,
milling, disassembly or assembly in transit to a final
destination outside Wyoming whether the destination is specified
before or after the transportation begins;
(ix) "Inventories" means any personal property held
for resale consisting of goods, wares or merchandise including
stocks of raw or finished material, unassembled parts, work in
progress or finished products constituting the inventory of a
merchant or manufacturer;
(x) "Livestock" means horses, cattle, mules and
asses, sheep, swine, goats and all other animals commonly
thought of as livestock;
(xi) "Manufacturer" means any person who purchases,
receives or holds personal property for the purpose of adding to
the value thereof, by any process of manufacturing, refining,
purifying, or by the combination of different materials, and
with a purpose to make a gain or profit by sale thereof;
(xii) "Merchant" means any person owning, possessing
or controlling personal property with a purpose to sell the
property at an advanced price or profit, or any person
controlling personal property which has been consigned to the
person from outside Wyoming to be sold within Wyoming;
(xiii) "Person" means an individual, partnership,
corporation, company or any other type of association and any
agent or officer of any partnership, corporation, company or
other type of association;
(xiv) "Property used for industrial purposes" means
those properties valued under W.S. 39-13-102(m)(ii) through (x),
excluding W.S. 39-13-102(m)(vi) and (ix), and those properties
used or held for use for:
(A) Manufacturing, milling, converting,
producing, processing or fabricating materials;
(B) The extraction or processing of minerals;
(C) The mechanical, chemical or electronic
transformation of property into new products.
(xv) "Real property" means land and appurtenances,
including structures, affixed thereto, and any intangible
characteristic which contributes to the fair market value
thereof;
(xvi) "Tangible personal property" means personal
property that, by its nature, is perceptible to the senses;
property that has a physical presence beyond merely
representational and that is capable of being touched; property
that is able to be perceived as materially existent; property
that is not intangible;
(xvii) "Taxable value" means a percent of the fair
market value of property in a particular class as follows:
(A) Gross product of minerals and mine products,
one hundred percent (100%);
(B) Property used for industrial purposes,
eleven and one-half percent (11.5%);
(C) All other property, real and personal,
including property valued and assessed under W.S.
39-13-102(m)(vi) and (ix), nine and one-half percent (9.5%).
(xviii) "This act" means W.S. 39-11-101 through 39-
23-111.