Laramie, Wyoming Property Taxes
The median property tax rate in Laramie, WY is 0.69%, which is lower than the national median of 0.99% but slightly higher than the Wyoming state median of 0.65%. With the median home value in Laramie at $300,694, the typical annual property tax bill amounts to $2,165, which is below the national median of $2,690. Property taxes in Laramie are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laramie'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 Laramie or another part of Albany County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laramie, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$2,075
Ownwell’s Laramie Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Laramie with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Laramie to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, helping you make informed decisions. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Laramie, Wyoming
Property taxes in Laramie, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laramie is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Laramie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laramie 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 Laramie's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 82072 zip code has the highest median property tax rate of 0.69%, while the 82051 zip code has the lowest median tax rate of 0.63%. Understanding how these areas compare with Laramie 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 Laramie Tax Rate
0.69%
Average Albany County Tax Rate
0.69%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laramie, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82051 | 0.62% | 0.62% | 0.63% | 0.64% | 0.64% |
| 82070 | 0.65% | 0.65% | 0.69% | 0.69% | 0.69% |
| 82072 | 0.65% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Laramie, Wyoming
In Laramie, 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 Assessor 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 Laramie, 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 Laramie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $2,169 in the 82070 zip code, while the lowest is $865 in the 82051 zip code.
Average Laramie Assessed Value
$300,694
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 Laramie, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82051 | $99,944 | $135,599 | $195,024 | $958,808 | $1,417,078 |
| 82070 | $61,051 | $216,459 | $303,461 | $414,080 | $554,827 |
| 82072 | $28,803 | $201,489 | $295,254 | $398,290 | $538,711 |
Source: Ownwell
Property Tax Bills Across Laramie, Wyoming
In Laramie, Albany County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Laramie can expect their tax bills to vary significantly based on the value of their homes and the specific tax rates applied in their area. For example, the median home price in Laramie is $300,694. Tax bills range widely, with the 25th percentile at $1,650 and the 75th percentile at $2,914. The highest median tax bill in the area is $2,169 in the 82070 zip code, while the lowest is $865 in the 82051 zip code. These figures reflect the diverse property values and tax rates within different parts of the city. Homeowners need to be aware of these variations as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Laramie's rates can represent a significant portion of a homeowner's expenses.
Average Laramie Tax Bill
$2,165
Average Albany County Tax Bill
$2,125
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Laramie, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82051 | $549 | $668 | $865 | $1,062 | $1,181 |
| 82070 | $1,059 | $1,675 | $2,169 | $2,936 | $3,903 |
| 82072 | $1,185 | $1,625 | $2,157 | $2,876 | $3,823 |
Source: Ownwell