Thermopolis, Wyoming Property Taxes
The median property tax rate in Thermopolis, WY is 0.68%, slightly higher than the state median of 0.65% but lower than the national median of 0.99%. With the median home value in Thermopolis being $35,942, the typical annual property tax bill is $243, significantly below the national median of $2,690. Property taxes in Thermopolis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Thermopolis'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 Thermopolis or another part of Washakie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thermopolis, Wyoming Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$244
Ownwell’s Thermopolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thermopolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thermopolis 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 Thermopolis, Wyoming
Property taxes in Thermopolis, Wyoming, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thermopolis is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Thermopolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thermopolis 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 Thermopolis's effective property tax rate to other regions and the national median. For comparison, the highest and lowest median property tax rates in Washakie County are both 0.68% in the 82443 zip code. Understanding how these figures compare with Thermopolis provides valuable insights into the varying tax landscape across Washakie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thermopolis Tax Rate
0.68%
Average Washakie County Tax Rate
0.72%
Average Wyoming Tax Rate
0.65%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thermopolis, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82443 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Thermopolis, Wyoming
In Thermopolis, 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 Washakie County 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 Thermopolis, 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 Thermopolis 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 $243, specifically in the 82443 zip code.
Average Thermopolis Assessed Value
$35,942
Average Washakie County Assessed Value
$187,653
Average Wyoming Assessed Value
$247,958
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thermopolis, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82443 | $35,942 | $35,942 | $35,942 | $35,942 | $35,942 |
Source: Ownwell
Property Tax Bills Across Thermopolis, Wyoming
In Thermopolis, located in Washakie County, WY, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $35,942. The tax rate applied to this assessed value is crucial in calculating the final tax bill. For homeowners in Thermopolis, the property tax rate results in a median tax bill of $243, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable and appealing in this region. Factors such as property location, improvements, and market conditions influence the assessed value. Despite these varying factors, the tax bill for Thermopolis remains consistent, with the 25th, 75th, and 90th percentile tax bills all at $243. This uniformity suggests a stable and predictable property tax environment, providing homeowners with financial predictability and stability.
Average Thermopolis Tax Bill
$243
Average Washakie County Tax Bill
$1,315
Average Wyoming Tax Bill
$1,635
Average United States Tax Bill
$2,690
Property Tax Bills Across Thermopolis, Wyoming
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82443 | $243 | $243 | $243 | $243 | $243 |
Source: Ownwell