Opal, Wyoming Property Taxes
The median property tax rate in Opal, Wyoming is 0.68%, slightly higher than the state median of 0.65% but still below the national median of 0.99%. With the median home value in Opal at $35,895, the typical annual property tax bill is $233, significantly less than the national median of $2,690. Property taxes in Opal are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Opal'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 Opal 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
Opal, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$244
Ownwell’s Opal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Opal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Opal 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 Opal, Wyoming
Property taxes in Opal, Wyoming, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Opal is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Opal set these rates annually, and they can vary across different neighborhoods. Each year, Opal 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 Opal's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the 83124 zip code has both the highest and lowest median property tax rate within Lincoln County, at 0.68%. Understanding how Opal compares within Lincoln County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Opal Tax Rate
0.68%
Average Lincoln County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Opal, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83124 | 0.61% | 0.61% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Opal, Wyoming
In Opal, 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 Lincoln County Assessor's Office 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 Opal, 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 Opal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Opal are both $233 in the 83124 zip code.
Average Opal Assessed Value
$35,895
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 Opal, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83124 | $5,410 | $10,997 | $35,921 | $104,614 | $250,440 |
Source: Ownwell
Property Tax Bills Across Opal, Wyoming
In Opal, Lincoln County, WY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property. Local tax authorities then apply the tax rate to this assessed value to determine the tax bill. For example, with a median home price of $35,895, homeowners can expect varying tax bills depending on the assessed value and specific local tax rates. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Opal, the 25th percentile tax bill is around $74, while the 75th percentile tax bill reaches $697, and the 90th percentile can be as high as $1,683. These variations highlight the impact of property characteristics and local tax policies on homeowners' expenses. Compared to the national median property tax rate of 0.99%, Opal's tax rates can significantly affect the affordability and financial planning for homeowners, making it crucial for them to understand their property tax obligations.
Average Opal Tax Bill
$233
Average Lincoln County Tax Bill
$2,068
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Opal, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83124 | $30 | $74 | $233 | $697 | $1,683 |
Source: Ownwell