Spearfish, Wyoming Property Taxes
The median property tax rate in Spearfish, WY is 0.53%, significantly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With a median home value of $1,158,079 in Spearfish, the typical annual property tax bill is $6,092, which is more than double the national median of $2,690. Property taxes in Spearfish are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Spearfish'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 Spearfish 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
Spearfish, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$6,138
$5,696
Ownwell’s Spearfish Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spearfish with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spearfish 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 Spearfish, Wyoming
Property taxes in Spearfish, Wyoming, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spearfish is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Spearfish set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spearfish 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 Spearfish's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 57783 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these figures compare with Spearfish provides valuable insights into the varying tax landscape across Crook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spearfish Tax Rate
0.53%
Average Crook County Tax Rate
0.54%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spearfish, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57783 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Spearfish, Wyoming
In Spearfish, 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 Crook 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 Spearfish, 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 Spearfish helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 57783 has the highest and lowest median tax bill, both at $6,092.
Average Spearfish Assessed Value
$1,158,079
Average Crook County Assessed Value
$198,902
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spearfish, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57783 | $1,158,079 | $1,158,079 | $1,158,079 | $1,158,079 | $1,158,079 |
Source: Ownwell
Property Tax Bills Across Spearfish, Wyoming
In Spearfish, WY, 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 property's market value. Homeowners in Spearfish experience a median property tax rate that results in an annual tax bill of $6,092, which is significantly higher than the national median property tax rate of 0.99%. Factors that influence the tax bill include the property's location within the county, its assessed value, and any applicable exemptions or deductions. This higher tax rate can have a substantial impact on homeowners, potentially affecting their overall housing affordability and financial planning. The consistency in tax bills, with the 25th, 75th, and 90th percentiles all reporting the same amount, indicates a uniform application of property tax rates across different property values within the region.
Average Spearfish Tax Bill
$6,092
Average Crook County Tax Bill
$1,086
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Spearfish, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57783 | $6,092 | $6,092 | $6,092 | $6,092 | $6,092 |
Source: Ownwell