Elk Mountain, Wyoming Property Taxes
The median property tax rate in Elk Mountain, WY is 0.53%, significantly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Elk Mountain at $137,883, the typical annual property tax bill is $694, which is well below the national median of $2,690. Property taxes in Elk Mountain are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elk Mountain’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 Elk Mountain or another part of Carbon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Mountain, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$731
Ownwell’s Elk Mountain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Mountain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Mountain 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 Elk Mountain, Wyoming
Property taxes in Elk Mountain, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Mountain is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Elk Mountain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Mountain 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 Elk Mountain's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 82324 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Elk Mountain provides valuable insights into the varying tax landscape across Carbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Mountain Tax Rate
0.53%
Average Carbon County Tax Rate
0.58%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Mountain, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82324 | 0.47% | 0.51% | 0.53% | 0.57% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Elk Mountain, Wyoming
In Elk Mountain, 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 Carbon 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 Elk Mountain, 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 Elk Mountain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the area with the highest median tax bill is in the 82324 zip code, amounting to $694.00, the same as the lowest median tax bill in the same zip code.
Average Elk Mountain Assessed Value
$137,883
Average Carbon County Assessed Value
$141,657
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Mountain, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82324 | $19,532 | $47,812 | $137,883 | $219,538 | $348,406 |
Source: Ownwell
Property Tax Bills Across Elk Mountain, Wyoming
In Elk Mountain, property tax bills are calculated based on the assessed value of a home, which is determined by the Carbon County Assessor's Office. The assessed value is a percentage of the property's market value. Homeowners in Elk Mountain can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $258, while the 75th percentile reaches up to $1,184, and the 90th percentile can be as high as $1,971. The median home price in Elk Mountain is $137,883, and the median property tax bill stands at $694, which is significantly lower than the national median property tax rate of 0.99%. Various factors, such as property improvements, location, and local tax rates, influence the final tax bill. Understanding these components helps homeowners budget effectively and anticipate changes in their property tax obligations.
Average Elk Mountain Tax Bill
$694
Average Carbon County Tax Bill
$819
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Mountain, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82324 | $100 | $258 | $694 | $1,184 | $1,971 |
Source: Ownwell