Lysite, Wyoming Property Taxes
The median property tax rate in Lysite, Wyoming is 0.70%, slightly higher than the state median of 0.65% but lower than the national median of 0.99%. With a median home value of $97,449, the typical annual property tax bill in Lysite amounts to $697, well below the national median of $2,690. Property taxes in Lysite are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lysite'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 Lysite or another part of Fremont County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lysite, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$682
Ownwell’s LYSITE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LYSITE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LYSITE 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 Lysite, Wyoming
Property taxes in Lysite, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lysite is 0.70%, which is lower than both the Wyoming state median and the U.S. national median of 0.99%. Local government entities within Lysite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lysite 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 Lysite's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 82642 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Lysite provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lysite Tax Rate
0.70%
Average Fremont County Tax Rate
0.72%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lysite, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82642 | 0.69% | 0.69% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Lysite, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lysite, Wyoming. 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 Fremont 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 Lysite, 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. For example, the median home price in Lysite is $97,449, with tax bills ranging from $159 at the 25th percentile to $4,825 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 82642, with a median tax bill of $697. By understanding 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 Lysite helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lysite Assessed Value
$97,449
Average Fremont County Assessed Value
$184,535
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lysite, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82642 | $7,122 | $23,016 | $97,449 | $206,265 | $692,099 |
Source: Ownwell
Property Tax Bills Across Lysite, Wyoming
In Lysite, property tax bills are calculated based on the assessed value of a home, which is determined by the Fremont County Assessor's Office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the final tax bill. For homeowners in Lysite, the median home price is $97,449. Tax bills can vary significantly, with the 25th percentile at $159 and the 75th percentile reaching $1,438. At the high end, the 90th percentile tax bill can be as much as $4,825. These taxes fund essential public services such as schools, infrastructure, and emergency services. While the highest and lowest median tax bills in the area are both $697, Lysite's property tax rate can be compared to the national median property tax rate of 0.99%, offering a perspective on how local rates measure up. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lysite Tax Bill
$697
Average Fremont County Tax Bill
$1,362
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Lysite, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82642 | $50 | $159 | $697 | $1,438 | $4,825 |
Source: Ownwell