Medicine Bow, Carbon County, Wyoming Property Taxes
The median property tax rate in Medicine Bow, WY is 0.57%, significantly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Medicine Bow at $40,300, the typical annual property tax bill is $242, far below the national median of $2,690. Property taxes in Medicine Bow are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medicine Bow'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 Medicine Bow 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
Medicine Bow, Carbon County, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$230
$213
Ownwell’s Medicine Bow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medicine Bow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medicine Bow 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 Medicine Bow, Carbon County, Wyoming
Property taxes in Medicine Bow, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medicine Bow is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Medicine Bow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medicine Bow 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 Medicine Bow's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 82329 has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Medicine Bow provides valuable insights into the varying tax landscape across Carbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medicine Bow Tax Rate
0.57%
Average Carbon County Tax Rate
0.58%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medicine Bow, Carbon County, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | 0.52% | 0.55% | 0.57% | 0.61% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Medicine Bow, Carbon County, Wyoming
In Medicine Bow, 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 Carbon 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. Assessment notices in Medicine Bow 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. Medicine Bow's median home price is $40,300, with tax bills ranging from $92 at the 25th percentile to $806 at the 90th percentile. The highest and lowest median tax bill, both at $242, are found in zip code 82329. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Medicine Bow, Carbon County, Wyoming
Source: Ownwell
$39,732
$139,843
$239,953
Average Medicine Bow Assessed Value
$40,300
Average Carbon County Assessed Value
$141,657
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medicine Bow, Carbon County, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | $8,964 | $16,558 | $40,300 | $97,882 | $136,283 |
Source: Ownwell
Property Tax Bills Across Medicine Bow, Carbon County, Wyoming
In Medicine Bow, WY, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Medicine Bow is $40,300, and the property tax rate in Carbon County is applied to this assessed value. Homeowners in this area can expect a median property tax bill of $242, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including property size, location, and improvements. For instance, tax bills can range from $92 at the 25th percentile to $806 at the 90th percentile, reflecting the variability in home values and individual property characteristics. This range illustrates how different factors can affect the overall tax burden on homeowners. Lower property tax bills can make homeownership more affordable, but it's essential for homeowners to understand their assessed values and ensure they are accurate to avoid overpaying.
Average Medicine Bow Tax Bill
$242
Average Carbon County Tax Bill
$819
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Medicine Bow, Carbon County, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82329 | $50 | $92 | $242 | $526 | $806 |
Source: Ownwell