Basin, Wyoming Property Taxes
The median property tax rate in Basin, WY is 0.59%, considerably lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Basin at $162,960, the typical annual property tax bill reaches $949, significantly below the national median of $2,690. Property taxes in Basin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Basin'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 Basin or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basin, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$961
Ownwell’s Basin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basin 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 Basin, Wyoming
Property taxes in Basin, Wyoming, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basin is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Basin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basin 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 Basin's effective property tax rate to other areas in Wyoming and the national median. For comparison, the zip code 82410 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Basin provides valuable insights into the varying tax landscape across Big Horn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basin Tax Rate
0.59%
Average Big Horn County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basin, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82410 | 0.52% | 0.57% | 0.59% | 0.61% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Basin, Wyoming
In Basin, 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 Big Horn 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 Basin, 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 Basin is $162,960, with tax bills ranging from $579 at the 25th percentile to $1986 at the 90th percentile. The zip code with the highest and lowest median tax bill is 82410, both at $949. 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 the tax burden.
Average Basin Assessed Value
$162,960
Average Big Horn County Assessed Value
$158,659
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basin, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82410 | $51,067 | $98,260 | $162,960 | $242,938 | $331,423 |
Source: Ownwell
Property Tax Bills Across Basin, Wyoming
In Basin, located in Big Horn County, WY, property tax bills are calculated based on the assessed value of the home, which is derived from the market value. The median home price in Basin is $162,960. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, if the tax rate is aligned with the national median of 0.99%, a home valued at the median price would incur a tax bill of approximately $1,614 annually. However, tax bills can vary significantly. Homeowners in the 25th percentile pay around $579, while those in the 75th percentile see bills closer to $1,436. At the 90th percentile, tax bills can reach as high as $1,986. The highest and lowest median tax bills in Basin are both $949, indicating a uniformity in tax rates across different zip codes. These variations affect homeowners differently, influencing their annual budgeting and long-term financial planning. Understanding these factors can help homeowners anticipate their property tax liabilities more accurately.
Average Basin Tax Bill
$949
Average Big Horn County Tax Bill
$957
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Basin, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82410 | $267 | $579 | $949 | $1,436 | $1,986 |
Source: Ownwell