Wapiti, Wyoming Property Taxes
The median property tax rate in Wapiti, WY is 0.65%, which aligns with the state median but remains below the national median of 0.99%. With a median home value of $637,528 in Wapiti, the typical annual property tax bill amounts to $4,118, significantly higher than the national median of $2,690. Property taxes in Wapiti are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wapiti's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wapiti or another part of Park County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wapiti, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$4,144
Ownwell’s Wapiti Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wapiti with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wapiti 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 Wapiti, Wyoming
Property taxes in Wapiti, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wapiti is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Wapiti set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wapiti 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 Wapiti's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 82450 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Wapiti 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 Wapiti Tax Rate
0.65%
Average Park County Tax Rate
0.67%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wapiti, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82450 | 0.62% | 0.63% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Wapiti, Wyoming
In Wapiti, 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 Wapiti, 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. The median home price in Wapiti is $637,528, with the 25th percentile tax bill at $4,097, the 75th percentile at $4,382, and the 90th percentile at $4,540. The zip code 82450 has the highest and lowest median tax bill at $4,118. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wapiti Assessed Value
$637,528
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 Wapiti, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82450 | $632,143 | $634,162 | $637,528 | $694,076 | $728,005 |
Source: Ownwell
Property Tax Bills Across Wapiti, Wyoming
In Wapiti, located in Park County, WY, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and is typically a percentage of the market value of your property. Various factors, such as property size, location, and condition, are considered during the assessment process. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For instance, homeowners in Wapiti may find their property tax bills ranging from $4,097 at the 25th percentile to $4,382 at the 75th percentile, with the 90th percentile reaching up to $4,540. Compared to the national median property tax rate of 0.99%, homeowners in Wapiti experience a higher financial burden due to property taxes. Understanding how these taxes are calculated can help homeowners anticipate their annual expenses and budget accordingly, ensuring they are prepared for the financial responsibilities that come with property ownership in this region.
Average Wapiti Tax Bill
$4,118
Average Park County Tax Bill
$2,484
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Wapiti, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82450 | $4,084 | $4,097 | $4,118 | $4,382 | $4,540 |
Source: Ownwell