Sheridan, Wyoming Property Taxes
The median property tax rate in Sheridan, WY is 0.68%, slightly higher than the state median of 0.65% but still below the national median of 0.99%. With a median home value of $335,456 in Sheridan, the typical annual property tax bill is around $2,228, which is under the national median of $2,690. Property taxes in Sheridan are based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Sheridan'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 Sheridan or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheridan, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$2,281
Ownwell’s Sheridan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheridan 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 Sheridan, Wyoming
Property taxes in Sheridan, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 82801 has the highest median property tax rate of 0.68%, while the same zip code 82801 also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Sheridan provides valuable insights into the uniform tax landscape across Sheridan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Tax Rate
0.68%
Average Sheridan County Tax Rate
0.64%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82801 | 0.57% | 0.63% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Wyoming
In Sheridan, 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 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 Sheridan, 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 82801, with a median tax bill of $2,228.
Average Sheridan Assessed Value
$335,456
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 Sheridan, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82801 | $74,824 | $232,878 | $335,456 | $499,984 | $732,404 |
Source: Ownwell
Property Tax Bills Across Sheridan, Wyoming
In Sheridan, 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, reflecting the property's worth. Homeowners in Sheridan experience property tax bills that vary significantly, with the 25th percentile tax bill at $1,549 and the 75th percentile reaching $3,248. For those at the higher end, the 90th percentile tax bill can climb to $4,685. These tax bills are influenced by factors such as property size, location, and market conditions. The median home price in Sheridan is $335,456, and the property tax rate is a critical factor in determining the final bill. Compared to the national median property tax rate of 0.99%, Sheridan's property tax rate results in varying financial impacts on homeowners. For example, the highest median tax bill in Sheridan's 82801 zip code stands at $2,228, reflecting how local rates and property values combine to shape the financial responsibilities of homeowners.
Average Sheridan Tax Bill
$2,228
Average Sheridan County Tax Bill
$2,226
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82801 | $434 | $1,549 | $2,228 | $3,248 | $4,685 |
Source: Ownwell