Thayne, Wyoming Property Taxes
The median property tax rate in Thayne, WY is 0.59%, considerably lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Thayne, the typical annual property tax bill reaches $1,678, well below the national median of $2,690. Property taxes in Thayne 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 Thayne'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 Thayne or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thayne, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$1,464
$1,359
Ownwell’s Thayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thayne 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 Thayne, Wyoming
Property taxes in Thayne, Wyoming, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thayne is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Thayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thayne 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 Thayne's effective property tax rate to other areas in Wyoming and the national median. For comparison, the zip code 83127 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Thayne provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thayne Tax Rate
0.59%
Average Lincoln County Tax Rate
0.60%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thayne, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83110 | N/A | N/A | N/A | N/A | N/A |
| 83127 | 0.59% | 0.59% | 0.59% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Thayne, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thayne, 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 Lincoln 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 Thayne, 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. For example, the highest and lowest median tax bills in Thayne are both $1,678, found in zip code 83127. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thayne Assessed Value
$248,180
Average Lincoln County Assessed Value
$316,204
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thayne, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83110 | N/A | N/A | N/A | N/A | N/A |
| 83127 | $34,433 | $38,528 | $248,206 | $559,476 | $847,202 |
Source: Ownwell
Property Tax Bills Across Thayne, Wyoming
In Thayne, located in Lincoln County, WY, property tax bills are calculated based on the assessed value of a home, which is determined by the county's assessor. This assessed value is a percentage of the market value of the property. The local tax rate is then applied to this assessed value to determine the property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Thayne experience a range of property tax bills, with the 25th percentile at $236 and the 75th percentile reaching $3,504. The 90th percentile sees bills as high as $5,171. These property taxes can significantly impact homeowners by adding to their annual expenses. Compared to the national median property tax rate of 0.99%, Thayne's property taxes reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their financial obligations and plan their budgets accordingly.
Average Thayne Tax Bill
$1,678
Average Lincoln County Tax Bill
$2,068
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Thayne, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83110 | N/A | N/A | N/A | N/A | N/A |
| 83127 | $206 | $236 | $1,678 | $3,504 | $5,171 |
Source: Ownwell