Garrett, Wyoming Property Taxes
The median property tax rate in Garrett, Wyoming is 0.62%, which is notably lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value of $124,352 in Garrett, the typical annual property tax bill amounts to $757, significantly below the national median of $2,690. Property taxes in Garrett 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 Garrett's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Garrett or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garrett, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$771
Ownwell’s Garrett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrett 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 Garrett, Wyoming
Property taxes in Garrett, Wyoming, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrett is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Garrett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrett 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 Garrett's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 82058 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Garrett provides valuable insights into the varying tax landscape across Albany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrett Tax Rate
0.62%
Average Albany County Tax Rate
0.69%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrett, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82058 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Garrett, Wyoming
In Garrett, 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 Albany 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 Garrett, 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 Garrett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 82058, with a tax bill of $757, which is significantly below the national median property tax rate of 0.99%.
Average Garrett Assessed Value
$124,352
Average Albany County Assessed Value
$294,660
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrett, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82058 | $34,435 | $51,782 | $124,352 | $363,931 | $617,063 |
Source: Ownwell
Property Tax Bills Across Garrett, Wyoming
In Garrett, Albany County, WY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Garrett is $124,352. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. Homeowners in Garrett can expect varying tax bills. For instance, the tax bill at the 25th percentile is $311, while those at the 75th percentile pay around $2,137, and at the 90th percentile, the tax bill can be as high as $3,808. These variations reflect differences in property values and the specific characteristics of each home. Compared to the national median property tax rate of 0.99%, Garrett homeowners might find their tax bills relatively manageable, though individual circumstances can lead to significant differences. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Garrett Tax Bill
$757
Average Albany County Tax Bill
$2,125
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrett, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82058 | $211 | $311 | $757 | $2,137 | $3,808 |
Source: Ownwell