Lovell, Wyoming Property Taxes
The median property tax rate in Lovell, WY is 0.60%, notably lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value of $173,262 in Lovell, the typical annual property tax bill amounts to $1,014, which is significantly below the national median of $2,690. Property taxes in Lovell are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lovell'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 Lovell or another part of Big Horn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lovell, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,040
Ownwell’s Lovell Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Lovell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovell to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Lovell, Wyoming
Property taxes in Lovell, Wyoming, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovell is 0.60%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Lovell set these rates annually, and they can vary across different neighborhoods. Each year, Lovell 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 Lovell's effective property tax rate to other areas in Wyoming and the national median. For comparison, the zip code 82431 has the same median property tax rate of 0.60%. Understanding how these cities compare with Lovell 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 Lovell Tax Rate
0.60%
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 Lovell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82431 | 0.55% | 0.58% | 0.60% | 0.64% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lovell, Wyoming
In Lovell, 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 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 Lovell, 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 Lovell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in Lovell is $1,014, with the zip code 82431 having both the highest and lowest median tax bills.
Average Lovell Assessed Value
$173,262
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 Lovell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82431 | $47,149 | $97,936 | $173,262 | $264,078 | $367,181 |
Source: Ownwell
Property Tax Bills Across Lovell, Wyoming
In Lovell, located in Big Horn County, WY, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lovell is $173,262. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the highest and lowest median tax bills in Lovell are both $1,014, indicating a consistent tax rate across the area. Several factors influence the final tax bill, including the property's assessed value and any applicable exemptions. Homeowners in Lovell can expect tax bills to vary, with the 25th percentile tax bill at $598 and the 75th percentile reaching $1,544. At the 90th percentile, tax bills can be as high as $2,121. Compared to the national median property tax rate of 0.99%, Lovell's property tax rate is relatively moderate, which can provide some relief to homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Lovell Tax Bill
$1,014
Average Big Horn County Tax Bill
$957
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82431 | $288 | $598 | $1,014 | $1,544 | $2,121 |
Source: Ownwell