Wetmore, Colorado Property Taxes
The median property tax rate in Wetmore, CO is 0.35%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Wetmore, the typical annual property tax bill is $682, well below the national median of $2,690. Property taxes in Wetmore are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Wetmore'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 Wetmore or another part of Custer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wetmore, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$676
Ownwell’s Wetmore Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Wetmore. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Wetmore to provide an accurate property tax bill estimate. This allows you to understand your potential tax liabilities better. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available. Your property’s assessed value is determined by the county and used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Wetmore, Colorado
Property taxes in Wetmore, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wetmore is 0.35%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Wetmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wetmore 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 Wetmore's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in zip code 80439 with a rate of 0.60%, while zip code 81019 has the lowest median tax rate of 0.25%. Understanding how these cities compare with Wetmore provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wetmore Tax Rate
0.35%
Average Custer County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | 0.23% | 0.35% | 0.35% | 0.36% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Wetmore, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wetmore, Colorado. 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 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 Wetmore, 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 Wetmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Wetmore is $682, with the highest and lowest median tax bills both found in the 81253 zip code.
Average Wetmore Assessed Value
$193,032
Average Custer County Assessed Value
$218,072
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | $89,871 | $134,144 | $193,032 | $309,740 | $453,661 |
Source: Ownwell
Property Tax Bills Across Wetmore, Colorado
Property tax bills in Wetmore, located in Custer County, CO, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. In Wetmore, the median home price is $193,032. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, market trends, and any applicable exemptions or abatements. For example, the 25th percentile tax bill in Wetmore is $413, while the 75th percentile reaches $1106, and the 90th percentile can go up to $1779. These variations indicate that homeowners might face different tax burdens depending on their property’s assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Wetmore's property taxes can be quite variable. This variability significantly impacts homeowners, affecting their annual financial planning and long-term investment in their properties.
Average Wetmore Tax Bill
$682
Average Custer County Tax Bill
$996
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | $273 | $413 | $682 | $1,106 | $1,779 |
Source: Ownwell