Montrose, Colorado Property Taxes
The median property tax rate in Montrose, 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 Montrose at $575,640, the typical annual property tax bill amounts to $2,061, which is below the national median of $2,690. Property taxes in Montrose are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Montrose'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 Montrose 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
Montrose, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$2,015
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Colorado
Property taxes in Montrose, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.35%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose'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 Ouray County at 0.35%, while the lowest median tax rate is in another region. Understanding how these cities compare with Montrose 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 Montrose Tax Rate
0.35%
Average Ouray County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| 81403 | 0.32% | 0.32% | 0.35% | 0.38% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Colorado
In Montrose, 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 Ouray 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. In Montrose, 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. The highest median tax bill in Montrose is $3,751 in the 81401 zip code, while the lowest is $2,053 in the 81403 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 Montrose Assessed Value
$575,640
Average Ouray County Assessed Value
$723,215
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | $995,180 | $995,180 | $995,180 | $995,180 | $995,180 |
| 81403 | $138,522 | $342,142 | $574,165 | $886,292 | $1,258,210 |
Source: Ownwell
Property Tax Bills Across Montrose, Colorado
Property tax bills in Montrose, CO, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. Homeowners in Montrose can expect their property tax rates to vary, with the median tax bill at approximately $2,053 in zip code 81403 and $3,751 in zip code 81401. These figures are influenced by factors such as the property’s location, size, and usage. The tax bill is further affected by local tax rates, which can fluctuate depending on the funding requirements of local schools, infrastructure, and public services. For instance, a homeowner with a property valued at the median home price of $575,640 might see a tax bill ranging from $1,172 at the 25th percentile to $4,803 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Montrose homeowners may find their tax rates to be relatively moderate, impacting their overall financial planning and homeownership costs.
Average Montrose Tax Bill
$2,061
Average Ouray County Tax Bill
$2,936
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | $3,751 | $3,751 | $3,751 | $3,751 | $3,751 |
| 81403 | $500 | $1,169 | $2,053 | $3,297 | $4,810 |
Source: Ownwell