Story, Wyoming Property Taxes
The median property tax rate in Story, Wyoming is 0.63%, which is lower than both the national median of 0.99% and the Wyoming state median of 0.65%. With the median home value in Story at $356,811, the typical annual property tax bill amounts to $2,237, falling below the national median of $2,690. Property taxes in Story are calculated based on the tax assessed value, which often is less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Story'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 Story 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
Story, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$2,248
Ownwell’s STORY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STORY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STORY 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 Story, Wyoming
Property taxes in STORY, Wyoming, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in STORY is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within STORY set these rates annually, and they can vary across different neighborhoods. Each year, STORY 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 STORY's effective property tax rate to other counties in Wyoming and the national median. For comparison, the zip code 82842 has the highest median property tax rate of 0.63%, while the lowest median tax rate is also 0.63% in the same zip code. Understanding how these cities compare with STORY provides valuable insights into the varying tax landscape across Sheridan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Story Tax Rate
0.63%
Average Sheridan County Tax Rate
0.64%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Story, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82842 | 0.55% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Story, Wyoming
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in STORY, 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 Sheridan 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 STORY, 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 STORY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2237, found in zip code 82842.
Average Story Assessed Value
$356,811
Average Sheridan County Assessed Value
$337,055
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Story, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82842 | $121,293 | $233,102 | $356,811 | $516,296 | $692,596 |
Source: Ownwell
Property Tax Bills Across Story, Wyoming
In STORY, property tax bills are calculated based on the assessed value of a home, which is determined by the Sheridan County Assessor's Office. The assessed value is a percentage of the home's market value. Homeowners in STORY can expect their property tax bills to be influenced by several factors, including the assessed value of their property, the local tax rate, and any applicable exemptions. For example, the median home price in STORY is $356,811. Homeowners in the 25th percentile pay approximately $1,406 in property taxes, while those in the 75th percentile pay around $3,181. Those in the 90th percentile see tax bills as high as $4,245. The highest median tax bill in the area is $2,237, and the lowest is also $2,237, both in the zip code 82842. Compared to the national median property tax rate of 0.99%, homeowners in STORY may find their tax bills relatively moderate or high depending on their property's assessed value and their specific tax circumstances. This can significantly impact homeowners' annual expenses and should be a key consideration when budgeting for homeownership.
Average Story Tax Bill
$2,237
Average Sheridan County Tax Bill
$2,226
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Story, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82842 | $734 | $1,406 | $2,237 | $3,181 | $4,245 |
Source: Ownwell