Freedom, Wyoming Property Taxes
The median property tax rate in Freedom, 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 Freedom at $344,304, the typical annual property tax bill reaches $2,026, which is below the national median of $2,690. Property taxes in Freedom 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 Freedom'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 Freedom 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
Freedom, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,031
Ownwell’s Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freedom 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 Freedom, Wyoming
Property taxes in Freedom, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 0.59%, significantly lower than the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freedom 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 Freedom's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 83120 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Freedom provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freedom Tax Rate
0.59%
Average Lincoln County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freedom, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83120 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Freedom, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Freedom, Wyoming. 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 Lincoln 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 Freedom, 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. For instance, the highest median tax bill in Freedom is $2,026 in the 83120 zip code, which is significantly above the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freedom Assessed Value
$344,304
Average Lincoln County Assessed Value
$316,204
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freedom, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83120 | $92,652 | $185,456 | $344,304 | $774,963 | $1,045,673 |
Source: Ownwell
Property Tax Bills Across Freedom, Wyoming
In Freedom, Lincoln County, WY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the home's market value. For homeowners in Freedom, the median home price is $344,304. The property tax rate in Freedom is compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, homeowners at the 25th percentile can expect a tax bill around $1,091, while those at the 75th percentile might see a bill closer to $4,577. The tax bill for those in the 90th percentile can reach up to $6,211. Understanding these factors and their impact on property tax bills helps homeowners in Freedom better manage their expenses and plan for future financial obligations.
Average Freedom Tax Bill
$2,026
Average Lincoln County Tax Bill
$2,068
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Freedom, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83120 | $544 | $1,091 | $2,026 | $4,577 | $6,211 |
Source: Ownwell