Palmer Lake, Colorado Property Taxes
The median property tax rate in Palmer Lake, CO is 0.49%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Palmer Lake at $341,866, the typical annual property tax bill reaches $1,618, significantly below the national median of $2,690. Property taxes in Palmer Lake 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 Palmer Lake'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 Palmer Lake 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
Palmer Lake, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,675
Ownwell’s Palmer Lake Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palmer Lake quickly and accurately. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate specific to Palmer Lake to provide an estimated tax bill. This valuable tool offers insight into your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Palmer Lake, Colorado
Property taxes in Palmer Lake, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer Lake is 0.49%, which is notably lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Palmer Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer Lake 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 Palmer Lake's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 80133 has the highest median property tax rate of 0.49%, while the zip code 80132 has the lowest median tax rate of 0.49%. Understanding how these areas compare with Palmer Lake provides valuable insights into the varying tax landscape across El Paso County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Palmer Lake Tax Rate
0.49%
Average El Paso County Tax Rate
0.42%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| 80133 | 0.37% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Palmer Lake, Colorado
In Palmer Lake, Colorado, 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 El Paso 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. 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. Palmer Lake's median home price stands at $341,866. The highest median tax bill is $1,628 in the 80133 zip code, while the lowest median tax bill is $901 in the 80132 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmer Lake Assessed Value
$341,866
Average El Paso County Assessed Value
$319,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmer Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | $23,120 | $82,600 | $118,241 | $280,274 | $485,682 |
| 80133 | $50,700 | $253,132 | $343,822 | $422,882 | $526,239 |
Source: Ownwell
Property Tax Bills Across Palmer Lake, Colorado
In Palmer Lake, CO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Palmer Lake, situated in El Paso County, see a variety of tax bills depending on their property's assessed value and the local tax rate. For instance, the median home price in Palmer Lake is $341,866. Tax bills in this area range widely, with the 25th percentile at $1,196 and the 75th percentile at $2,039, indicating significant variability based on property values and exemptions. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. The highest median tax bill in the area is $1,628, found in the 80133 zip code, while the lowest is $901 in the 80132 zip code. Compared to the national median property tax rate of 0.99%, Palmer Lake's tax rates can vary but remain a crucial factor in the overall cost of homeownership, impacting household budgets and financial planning.
Average Palmer Lake Tax Bill
$1,618
Average El Paso County Tax Bill
$1,379
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | $435 | $589 | $901 | $1,808 | $2,409 |
| 80133 | $561 | $1,207 | $1,628 | $2,040 | $2,560 |
Source: Ownwell