Smoot, Wyoming Property Taxes
The median property tax rate in Smoot, Wyoming is 0.60%, which is lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Smoot at $372,900, the typical annual property tax bill reaches $2,313, falling below the national median of $2,690. Property taxes in Smoot are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Smoot'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 Smoot or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smoot, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$2,237
Ownwell’s Smoot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smoot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smoot 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 Smoot, Wyoming
Property taxes in Smoot, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smoot is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Smoot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smoot 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 Smoot's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 83126 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Smoot 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 Smoot Tax Rate
0.60%
Average Lincoln County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smoot, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83126 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Smoot, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smoot, 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 Smoot, 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 Smoot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $372,900, with the highest median tax bill being $2,313 in zip code 83126.
Average Smoot Assessed Value
$372,900
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 Smoot, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83126 | $63,041 | $183,855 | $372,900 | $591,172 | $838,656 |
Source: Ownwell
Property Tax Bills Across Smoot, Wyoming
Property tax bills in Smoot, located in Lincoln County, WY, are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Smoot can expect their tax bill to be influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Smoot is $372,900, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,204, while the 75th percentile tax bill is $3,596. At the 90th percentile, homeowners might see tax bills as high as $5,116. These property taxes contribute to local services such as schools, public safety, and infrastructure. Homeowners in Smoot should be aware that their tax obligations can have a substantial impact on their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better plan for their financial future and ensure they are taking advantage of any available exemptions.
Average Smoot Tax Bill
$2,313
Average Lincoln County Tax Bill
$2,068
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Smoot, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83126 | $538 | $1,204 | $2,313 | $3,596 | $5,116 |
Source: Ownwell