Torrington, Wyoming Property Taxes
The median property tax rate in Torrington, WY is 0.72%, slightly above the state median of 0.65% but below the national median of 0.99%. With the median home value in Torrington at $159,200, the typical annual property tax bill amounts to $1,113, which is significantly lower than the national median of $2,690. Property taxes in Torrington are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Torrington'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 Torrington or another part of Goshen County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Torrington, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,146
Ownwell’s Torrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Torrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Torrington 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 Torrington, Wyoming
Property taxes in Torrington, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Torrington is 0.72%, which is lower than both the Wyoming state median and the U.S. national median of 0.99%. Local government entities within Torrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Torrington 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 Torrington's effective property tax rate to other counties in Wyoming and the national median. For comparison, the 82240 zip code has the highest median property tax rate of 0.72%, while the same 82240 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Torrington provides valuable insights into the varying tax landscape across Goshen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Torrington Tax Rate
0.72%
Average Goshen County Tax Rate
0.70%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Torrington, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82240 | 0.63% | 0.67% | 0.72% | 0.72% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Torrington, Wyoming
In Torrington, 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 Goshen 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 Torrington, 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 Torrington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,113, found in the 82240 zip code.
Average Torrington Assessed Value
$159,200
Average Goshen County Assessed Value
$154,898
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Torrington, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82240 | $13,734 | $75,588 | $159,200 | $262,328 | $400,311 |
Source: Ownwell
Property Tax Bills Across Torrington, Wyoming
In Torrington, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the market value of the property. Factors such as property size, location, and improvements are considered during the assessment. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Torrington, the tax burden can vary significantly. The median home price in the area is $159,200. Tax bills range from the 25th percentile at $520 to the 75th percentile at $1,820, with the 90th percentile reaching up to $2,710. This variability means that while some homeowners may find their tax bills manageable, others could face a more substantial financial obligation. Compared to the national median property tax rate of 0.99%, Torrington's tax rates reflect localized economic conditions and funding needs. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Torrington Tax Bill
$1,113
Average Goshen County Tax Bill
$1,078
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Torrington, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82240 | $95 | $520 | $1,113 | $1,820 | $2,710 |
Source: Ownwell