Cimarron, Colorado Property Taxes
The median property tax rate in Cimarron, CO is 0.47%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Cimarron at $493,200, the typical annual property tax bill reaches $2,545, slightly below the national median of $2,690. Property taxes in Cimarron are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cimarron'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 Cimarron 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
Cimarron, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,318
Ownwell’s Cimarron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cimarron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cimarron 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 Cimarron, Colorado
Property taxes in Cimarron, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cimarron is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cimarron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cimarron 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 Cimarron's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81220 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Cimarron provides valuable insights into the varying tax landscape across Montrose County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cimarron Tax Rate
0.47%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cimarron, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81220 | 0.47% | 0.47% | 0.47% | 0.53% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Cimarron, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cimarron, Colorado. The market value represents 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 Montrose 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. Assessment notices in Cimarron 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. For instance, the highest median tax bill in Cimarron is $2,545 in the 81220 zip code, while the lowest median tax bill is also $2,545 in the same 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 Cimarron Assessed Value
$493,200
Average Montrose County Assessed Value
$398,340
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cimarron, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81220 | $136,140 | $261,940 | $493,200 | $667,510 | $777,780 |
Source: Ownwell
Property Tax Bills Across Cimarron, Colorado
In Cimarron, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $493,200, homeowners can expect varying tax bills depending on the assessed value and applicable tax rate. The 25th percentile tax bill stands at $1,624, while those at the 75th percentile pay around $3,145. At the higher end, the 90th percentile tax bill reaches $5,152. Several factors influence these calculations, including property location, market trends, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Cimarron might find their rates competitive, affecting their annual financial planning. Accurate assessments and understanding of local tax regulations are crucial for homeowners to manage their expenses effectively and ensure they are not overpaying on property taxes.
Average Cimarron Tax Bill
$2,545
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Cimarron, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81220 | $780 | $1,624 | $2,545 | $3,145 | $5,152 |
Source: Ownwell