Hot Springs County Property Taxes
The median property tax rate in Hot Springs County is 0.69%, which is higher than Wyoming's state median of 0.65% but lower than the national median of 0.99%. With the median home value in Hot Springs County at $159,319, the typical annual property tax bill is around $1,094, significantly lower than the national median of $2,690. Property taxes in Hot Springs County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Hot Springs County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Thermopolis or another part of Hot Springs County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hot Springs County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,099
Ownwell’s Hot Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Hot Springs with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Hot Springs to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Hot Springs County, Wyoming
Property taxes in Hot Springs County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hot Springs County is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs County set these rates annually, and they can vary significantly between different areas within the county. Each year, Hot Springs County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Hot Springs County's effective property tax rate with other counties and the national median. For comparison, the city of Thermopolis has one of the higher property tax rates in the region at 0.69%, while the city of Worland boasts one of the lowest at 0.64%. Analyzing how Hot Springs County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Hot Springs County Tax Rate
0.69%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs County, Wyoming
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Kirby | 0.54% | 0.60% | 0.69% | 0.69% | 0.69% |
| Thermopolis | 0.60% | 0.64% | 0.69% | 0.69% | 0.73% |
| Worland | 0.56% | 0.59% | 0.64% | 0.83% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs County, Wyoming
In Hot Springs County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Hot Springs County Appraisal District. The assessed value, however, 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. Assessment notices in Hot Springs County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Worland has the highest median tax bill at $7,562, while Kirby has the lowest at $346. Being aware of these valuation processes in Hot Springs County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Hot Springs County, Wyoming
Source: Ownwell
$47,709
$401,305
$754,900
Average Hot Springs County Assessed Value
$159,319
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs County, Wyoming
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Kirby | $12,053 | $19,642 | $47,709 | $129,057 | $192,197 |
| Thermopolis | $26,841 | $77,600 | $161,554 | $265,400 | $437,040 |
| Worland | $609,230 | $663,856 | $754,900 | $1,078,608 | $1,272,834 |
Source: Ownwell
Property Tax Bills Across Hot Springs County, Wyoming
In Hot Springs County, WY, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home, and this percentage can vary depending on local regulations. Homeowners in Hot Springs County can expect to pay property taxes that fall within a range, with the 25th percentile tax bill at $538 and the 75th percentile tax bill at $1,778. For those at the higher end, the 90th percentile tax bill reaches up to $2,947. These property tax bills are influenced by several factors including the property's market value, local tax rates, and any applicable exemptions. The median home price in Hot Springs County is $159,319, which serves as a basis for these calculations. Comparatively, the national median property tax rate is 0.99%, making Hot Springs County's property taxes relatively moderate. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their budgets effectively.
Average Hot Springs County Tax Bill
$1,094
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs County, Wyoming
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Kirby | $73 | $136 | $346 | $774 | $1,320 |
| Thermopolis | $209 | $565 | $1,109 | $1,805 | $2,973 |
| Worland | $4,458 | $5,622 | $7,562 | $7,616 | $7,648 |
Source: Ownwell