Paradox, Colorado Property Taxes
The median property tax rate in Paradox, CO is 0.48%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Paradox at $121,770, the typical annual property tax bill amounts to $670, well below the national median of $2,690. Property taxes in Paradox are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Paradox'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 Paradox or another part of Montrose County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paradox, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$584
Ownwell’s Paradox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paradox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paradox 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 Paradox, Colorado
Property taxes in Paradox, Colorado, are essential for funding local services like public schools, road maintenance, and emergency services. The median tax rate in Paradox is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities in Paradox set these rates annually, and they can vary across different neighborhoods. Each year, Paradox 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 Paradox's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 81429 has the same median property tax rate of 0.48%. Understanding how these areas compare with Paradox 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 Paradox Tax Rate
0.48%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paradox, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81429 | 0.47% | 0.48% | 0.48% | 0.48% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Paradox, Colorado
In Paradox, 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 Montrose 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 Paradox, 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. The median home price in Paradox is $121,770, with tax bills ranging from $346 at the 25th percentile to $2,292 at the 90th percentile. The zip code 81429 has the highest and lowest median tax bill at $670. 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 Paradox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paradox Assessed Value
$121,770
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 Paradox, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81429 | $34,813 | $72,885 | $121,770 | $223,068 | $378,184 |
Source: Ownwell
Property Tax Bills Across Paradox, Colorado
In Paradox, CO, property tax bills are calculated based on the assessed value of the property, which is determined by the Montrose County Assessor's Office. The assessed value is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Paradox has a median home price of $121,770, and the property tax rate here is relatively moderate compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including property type, location, and any exemptions or abatements the homeowner may qualify for. For instance, the 25th percentile tax bill in Paradox is $346, while the 75th percentile is $1,087, and the 90th percentile reaches up to $2,292. This range indicates that tax bills can vary widely based on these factors. Homeowners in Paradox should be aware of their property's assessed value and any applicable exemptions to manage their annual tax liabilities effectively.
Average Paradox Tax Bill
$670
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Paradox, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81429 | $165 | $346 | $670 | $1,087 | $2,292 |
Source: Ownwell