Lysite, Wyoming Property Taxes
The median property tax rate in Lysite, WY is 0.64%, slightly lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Lysite at $274,890, the typical annual property tax bill amounts to $1,773, which is notably less than the national median of $2,690. Property taxes in Lysite are calculated based on the tax assessed value, which often falls below the market value due to various 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 the city, 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
0.64%
Estimate Property Tax Bill
$1,759
$1,633
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lysite is 0.64%, which is lower than 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 zip code 82642 has both the highest and lowest median property tax rate in the region at 0.64%. Understanding how these areas compare with Lysite provides valuable insights into the varying tax landscape across Natrona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lysite Tax Rate
0.64%
Average Natrona County Tax Rate
0.69%
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 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Lysite, Wyoming
In Lysite, 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 Natrona 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. 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 Lysite helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lysite is $274,890, with the median tax bill ranging from $1,000 at the 25th percentile to $4,839 at the 90th percentile. The highest and lowest median tax bills are both $1,773, found in zip code 82642.
Average Lysite Assessed Value
$274,890
Average Natrona County Assessed Value
$218,065
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 | $67,665 | $155,027 | $274,890 | $490,550 | $750,345 |
Source: Ownwell
Property Tax Bills Across Lysite, Wyoming
In Lysite, WY, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lysite stands at $274,890. Property taxes are then determined by applying the local tax rate to this assessed value. Factors that influence the assessed value include the property's size, location, and condition. Homeowners in Lysite can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,000, while those in the 75th percentile pay approximately $3,164, and the 90th percentile tax bill reaches up to $4,839. Compared to the national median property tax rate of 0.99%, homeowners in Lysite may experience different rates, affecting their annual financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and manage their budgets more effectively.
Average Lysite Tax Bill
$1,773
Average Natrona County Tax Bill
$1,493
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 | $436 | $1,000 | $1,773 | $3,164 | $4,839 |
Source: Ownwell