Lost Springs, Wyoming Property Taxes
The median property tax rate in Lost Springs, WY is 0.48%, significantly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Lost Springs, the typical annual property tax bill reaches $374, far below the national median of $2,690. Property taxes in Lost Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lost Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lost Springs 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
Lost Springs, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$372
$346
Ownwell’s Lost Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost Springs 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 Converse County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lost Springs, Wyoming
Property taxes in Lost Springs, Wyoming, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lost Springs is 0.48%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lost Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lost Springs 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 Lost Springs' effective property tax rate to other areas in Converse County and the national median. For comparison, the zip code 82224 has the highest median property tax rate of 0.48%, while the lowest median tax rate is also found in the same zip code at 0.48%. Understanding how these cities compare with Lost Springs provides valuable insights into the varying tax landscape across Converse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Springs Tax Rate
0.48%
Average Converse County Tax Rate
0.55%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost Springs, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82224 | 0.46% | 0.47% | 0.48% | 0.49% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Lost Springs, Wyoming
In Lost Springs, 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 Converse 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 Lost Springs, 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. The median home price in Lost Springs is $77,584, with tax bills ranging from $43 at the 25th percentile to $3,121 at the 90th percentile. The zip code 82224 has both the highest and lowest median tax bill of $374. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lost Springs Assessed Value
$77,584
Average Converse County Assessed Value
$211,678
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost Springs, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82224 | $5,639 | $9,103 | $77,584 | $468,717 | $633,976 |
Source: Ownwell
Property Tax Bills Across Lost Springs, Wyoming
In Lost Springs, property tax bills are calculated based on the assessed value of a property, which is determined by the Converse County Assessor's Office. The assessed value is a percentage of the property's market value, reflecting the amount for which the property could be sold under current market conditions. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, the median home price in Lost Springs is $77,584, which can result in a wide range of tax bills. Homeowners at the 25th percentile might pay around $43, while those at the 75th percentile could see bills as high as $2,201. At the 90th percentile, tax bills can reach up to $3,121. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how these factors come together helps homeowners anticipate their financial obligations and plan accordingly.
Average Lost Springs Tax Bill
$374
Average Converse County Tax Bill
$1,193
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost Springs, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82224 | $26 | $43 | $374 | $2,201 | $3,121 |
Source: Ownwell