Cortez, Colorado Property Taxes
The median property tax rate in Cortez, CO is 0.38%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $165,082 in Cortez, the typical annual property tax bill is $586, well below the national median of $2,690. Property taxes in Cortez are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cortez'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 Cortez 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
Cortez, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$627
Ownwell’s Cortez Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cortez with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cortez 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 Montezuma County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cortez, Colorado
Property taxes in Cortez, Colorado, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Cortez is 0.38%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cortez set these rates annually, and they can vary across different neighborhoods. Each year, Cortez 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 Cortez's effective property tax rate to other counties in Colorado and the national median. Understanding how these cities compare with Cortez provides valuable insights into the varying tax landscape across Montezuma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cortez Tax Rate
0.38%
Average Montezuma County Tax Rate
0.39%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cortez, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81321 | 0.20% | 0.38% | 0.38% | 0.39% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Cortez, Colorado
In Cortez, 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 Montezuma 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 Cortez, 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 Cortez helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cortez are both $586, found in zip code 81321.
Average Cortez Assessed Value
$165,082
Average Montezuma County Assessed Value
$183,673
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cortez, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81321 | $61,615 | $114,900 | $165,082 | $229,398 | $303,952 |
Source: Ownwell
Property Tax Bills Across Cortez, Colorado
In Cortez, located in Montezuma County, CO, 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 Cortez is $165,082. Property tax rates in Cortez are relatively modest compared to the national median property tax rate of 0.99%. Homeowners in Cortez face median tax bills ranging from $371 at the 25th percentile to $838 at the 75th percentile, with the 90th percentile reaching up to $1,153. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or reductions. These taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how these elements contribute to their overall tax obligation can help in financial planning and budgeting. The highest and lowest median tax bills in Cortez both stand at $586, indicating a consistent tax rate across different areas within the city.
Average Cortez Tax Bill
$586
Average Montezuma County Tax Bill
$702
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Cortez, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81321 | $206 | $371 | $586 | $838 | $1,153 |
Source: Ownwell