Medicine Bow, Wyoming Property Taxes
The median property tax rate in Medicine Bow, WY is 0.62%, which is lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value of $74,837 in Medicine Bow, the typical annual property tax bill amounts to $484, significantly below the national median of $2,690. Property taxes in Medicine Bow are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medicine Bow'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 Medicine Bow or another part of Albany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medicine Bow, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$464
Ownwell’s Medicine Bow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medicine Bow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medicine Bow 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 Medicine Bow, Wyoming
Property taxes in Medicine Bow, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medicine Bow is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Medicine Bow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medicine Bow 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 Medicine Bow's effective property tax rate to other areas in Albany County and the national median. For comparison, the zip code 82329 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Medicine Bow provides valuable insights into the varying tax landscape across Albany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medicine Bow Tax Rate
0.62%
Average Albany County Tax Rate
0.69%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medicine Bow, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Medicine Bow, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medicine Bow, 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 Albany 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 Medicine Bow, 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. The median home price in Medicine Bow is $74,837, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $285, while the 75th percentile tax bill is $1,082. The highest median tax bill recorded is $484 in the 82329 zip code, which also has the lowest median tax bill of $484. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Medicine Bow Assessed Value
$74,837
Average Albany County Assessed Value
$294,660
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medicine Bow, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | $25,728 | $40,988 | $74,837 | $176,409 | $260,969 |
Source: Ownwell
Property Tax Bills Across Medicine Bow, Wyoming
Property tax bills in Medicine Bow, Albany County, Wyoming, are calculated based on the assessed value of the property, which is a percentage of the market value. The median home price in Medicine Bow is $74,837. To determine the tax bill, the assessed value is multiplied by the local tax rate. This rate is applied uniformly, but the actual tax bill can vary significantly depending on the property's assessed value and any applicable exemptions. For homeowners in Medicine Bow, the property tax burden can range widely. The tax bill at the 25th percentile is $285, while at the 75th percentile, it rises to $1082, and at the 90th percentile, it can reach $1563. The highest median tax bill recorded in the area is $484, which is notably lower than the national median property tax rate of 0.99%. This relatively low property tax rate can be beneficial for homeowners, potentially making Medicine Bow an attractive location for those looking to minimize their annual tax expenses.
Average Medicine Bow Tax Bill
$484
Average Albany County Tax Bill
$2,125
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Medicine Bow, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | $172 | $285 | $484 | $1,082 | $1,563 |
Source: Ownwell