Cody, Wyoming Property Taxes
The median property tax rate in Cody, Wyoming is 0.71%, slightly higher than the state median of 0.65% but still below the national median of 0.99%. With a median home value of $409,071, the typical annual property tax bill in Cody amounts to $2,812, which is just under the national median of $2,690. Property taxes in Cody are calculated based on the assessed value, which often falls below market value due to exemptions such as those for primary residences and agricultural properties. Understanding Cody'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 Cody or another part of Park County, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cody, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$2,904
Ownwell’s Cody Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cody with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cody 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 Cody, Wyoming
Property taxes in Cody, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cody is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Cody set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cody 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 Cody's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 82414 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Cody provides valuable insights into the varying tax landscape across Park County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cody Tax Rate
0.71%
Average Park County Tax Rate
0.67%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cody, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82414 | 0.65% | 0.66% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Cody, Wyoming
In Cody, Wyoming, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Park County Assessor 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. In Cody, assessment notices 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 Cody helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 82414, with a median tax bill of $2,812.
Average Cody Assessed Value
$409,071
Average Park County Assessed Value
$362,988
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cody, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82414 | $99,752 | $273,228 | $409,071 | $591,412 | $840,406 |
Source: Ownwell
Property Tax Bills Across Cody, Wyoming
In Cody, located in Park County, WY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $409,071, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,885, while at the 75th percentile, it rises to approximately $3,965. At the 90th percentile, the tax bill can reach up to $5,549. Several factors influence the property tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the effective rates in Cody can be seen as relatively moderate, offering a balanced approach to funding local needs while affecting homeowners' financial planning.
Average Cody Tax Bill
$2,812
Average Park County Tax Bill
$2,484
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Cody, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82414 | $673 | $1,885 | $2,812 | $3,965 | $5,549 |
Source: Ownwell