Powell, Wyoming Property Taxes
The median property tax rate in Powell, WY is 0.61%, 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 Powell at $546,506, the typical annual property tax bill reaches $3,338, surpassing the national median of $2,690. Property taxes in Powell are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Powell'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 Powell 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
Powell, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$3,334
Ownwell’s Powell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powell 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 Powell, Wyoming
Property taxes in Powell, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powell is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Powell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powell 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 Powell's effective property tax rate to other areas within Big Horn County and the national median. For comparison, the zip code 82435 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Powell provides valuable insights into the varying tax landscape across Big Horn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Powell Tax Rate
0.61%
Average Big Horn County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Powell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82435 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Powell, Wyoming
In Powell, 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 Big Horn 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 Powell, 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 Powell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 82435 has the highest and lowest median tax bills, both at $3,338, providing a consistent baseline for property tax expectations in the area.
Average Powell Assessed Value
$546,506
Average Big Horn County Assessed Value
$158,659
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Powell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82435 | $546,506 | $546,506 | $546,506 | $546,506 | $546,506 |
Source: Ownwell
Property Tax Bills Across Powell, Wyoming
In Powell, located in Big Horn County, WY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office and reflects a percentage of the property's market value. Homeowners in Powell should be aware that the median home price in the area is $546,506. The property tax rate for Powell is calculated by multiplying the assessed value by the local tax rate. For example, a property with an assessed value of $200,000 would have its tax bill calculated by applying the local tax rate to this value. Interestingly, the median property tax bill in Powell is $3,338, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill impacts homeowners by increasing their annual expenses, making it essential for them to budget accordingly. Understanding these factors can help homeowners in Powell better anticipate their property tax obligations and manage their finances more effectively.
Average Powell Tax Bill
$3,338
Average Big Horn County Tax Bill
$957
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Powell, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82435 | $3,338 | $3,338 | $3,338 | $3,338 | $3,338 |
Source: Ownwell