Otto, Wyoming Property Taxes
The median property tax rate in Otto, Wyoming is 0.58%, considerably lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Otto, the typical annual property tax bill reaches $1,066, significantly below the national median of $2,690. Property taxes in Otto are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Otto's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Otto or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otto, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,083
Ownwell’s Otto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otto to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Otto, Wyoming
Property taxes in Otto, Wyoming, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Otto is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Otto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otto estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Otto's effective property tax rate to other areas and the national median. For comparison, the zip code 82434 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Otto provides valuable insights into the varying tax landscape across Big Horn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otto Tax Rate
0.58%
Average Big Horn County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otto, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82434 | 0.52% | 0.55% | 0.58% | 0.59% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Otto, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Otto, Wyoming. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Big Horn County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices in Otto are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Otto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Otto is $186,649, with the highest and lowest median tax bills both at $1,066 in zip code 82434.
Average Otto Assessed Value
$186,649
Average Big Horn County Assessed Value
$158,659
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otto, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82434 | $12,819 | $42,450 | $186,649 | $328,661 | $490,989 |
Source: Ownwell
Property Tax Bills Across Otto, Wyoming
In Otto, located in Big Horn County, WY, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The process begins with the county assessor determining the market value of a home, which is then assessed at a rate set by the state. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Otto is $186,649. Homeowners in the 25th percentile of tax bills pay around $218 annually, while those in the 75th percentile pay about $1,952. At the 90th percentile, the tax bill can reach up to $2,871. These property taxes fund essential local services such as schools, infrastructure, and emergency services. Although Otto's property tax rates are relatively low compared to the national median of 0.99%, they can still significantly impact homeowners' budgets, especially for those with higher-valued properties.
Average Otto Tax Bill
$1,066
Average Big Horn County Tax Bill
$957
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Otto, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82434 | $71 | $218 | $1,066 | $1,952 | $2,871 |
Source: Ownwell