Parkman, Wyoming Property Taxes
The median property tax rate in Parkman, WY is 0.64%, slightly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value in Parkman of $292,470, the typical annual property tax bill reaches $1,854, which is below the national median of $2,690. Property taxes in Parkman are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Parkman'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 Parkman or another part of Sheridan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parkman, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,872
Ownwell’s Parkman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkman 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 Parkman, Wyoming
Property taxes in Parkman, Wyoming, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkman is 0.64%, which is lower than both the Wyoming state median and the U.S. national median of 0.99%. Local government entities within Parkman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkman 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 Parkman's effective property tax rate to other counties in Wyoming and the national median. For comparison, the ZIP code 82838 has the highest median property tax rate of 0.64%, while the same ZIP code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Parkman provides valuable insights into the varying tax landscape across Sheridan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parkman Tax Rate
0.64%
Average Sheridan County Tax Rate
0.64%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkman, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82838 | 0.53% | 0.58% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Parkman, Wyoming
In Parkman, 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 Sheridan 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. In Parkman, 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 Parkman is $292,470, with the 25th percentile tax bill at $763 and the 75th percentile tax bill at $3,223. The highest and lowest median tax bill in the area is $1,854, both found in the 82838 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Parkman Assessed Value
$292,470
Average Sheridan County Assessed Value
$337,055
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parkman, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82838 | $35,296 | $134,868 | $292,470 | $507,221 | $874,027 |
Source: Ownwell
Property Tax Bills Across Parkman, Wyoming
In Parkman, Sheridan County, WY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners in Parkman can expect their tax bills to vary significantly, as seen with the 25th percentile tax bill at $763 and the 75th percentile reaching $3,223. The 90th percentile tax bill can climb as high as $5,605, reflecting the disparity in property values within the area. Various factors influence the tax bill, including the property's location, size, and any improvements made. The local tax rate, applied to the assessed value, also plays a crucial role. For comparison, the national median property tax rate stands at 0.99%, which can help homeowners gauge how their local rates measure up. Understanding these elements is essential for homeowners to anticipate their financial obligations and plan accordingly.
Average Parkman Tax Bill
$1,854
Average Sheridan County Tax Bill
$2,226
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkman, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82838 | $212 | $763 | $1,854 | $3,223 | $5,605 |
Source: Ownwell