Lusk, Wyoming Property Taxes
The median property tax rate in Lusk, WY is 0.64%, slightly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value of $52,680 in Lusk, the typical annual property tax bill amounts to $348, well below the national median of $2,690. Property taxes in Lusk are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lusk'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 Lusk or another part of the city, comprehending the local property tax system will greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lusk, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$337
Ownwell’s Lusk Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Lusk using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lusk 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 Lusk, Wyoming
Property taxes in Lusk, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lusk is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Lusk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lusk 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 Lusk's effective property tax rate to other areas in Wyoming and the national median. For comparison, the zip code 82225 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Lusk provides valuable insights into the varying tax landscape across Goshen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lusk Tax Rate
0.64%
Average Goshen County Tax Rate
0.70%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lusk, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82225 | 0.61% | 0.62% | 0.64% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Lusk, Wyoming
In Lusk, 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 Goshen 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 Lusk, 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 Lusk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 82225 has the highest median tax bill at $348.00, while the same zip code also records the lowest median tax bill at $348.00.
Average Lusk Assessed Value
$52,680
Average Goshen County Assessed Value
$154,898
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lusk, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82225 | $10,344 | $12,623 | $52,680 | $181,056 | $252,190 |
Source: Ownwell
Property Tax Bills Across Lusk, Wyoming
In Lusk, WY, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The tax rate in Lusk is relatively low compared to the national median property tax rate of 0.99%. For instance, the median home price in Lusk is $52,680, which influences the overall tax bill. Homeowners in the 25th percentile might see tax bills as low as $77, while those in the 75th percentile could pay up to $1,202. At the 90th percentile, tax bills can reach $1,679. Various factors contribute to the final tax bill, including property size, location, and any applicable exemptions. The assessed value of a property is crucial, as it directly influences the tax amount. For homeowners, understanding these factors is essential for financial planning. Despite the relatively low property values, the tax bills can vary significantly, impacting the overall cost of homeownership in Lusk. This variability highlights the importance of accurate property assessments and awareness of potential exemptions.
Average Lusk Tax Bill
$348
Average Goshen County Tax Bill
$1,078
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Lusk, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82225 | $64 | $77 | $348 | $1,202 | $1,679 |
Source: Ownwell