Amherst, Colorado Property Taxes
The median property tax rate in Amherst, CO is 0.59%, slightly higher than the state median of 0.55% but lower than the national median of 0.99%. With a median home value of $84,702, the typical annual property tax bill in Amherst is $497, significantly below the national median of $2,690. Property taxes in Amherst are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Amherst'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 Amherst 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
Amherst, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$500
Ownwell’s Amherst Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Amherst, CO. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Amherst to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, aiding in financial planning and decision-making. For those interested in more detailed insights, scrolling down reveals trends and localized information on a neighborhood level. Your property’s assessed value, determined by Phillips County, serves as the basis for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Amherst, Colorado
Property taxes in Amherst, Colorado, play a crucial role in financing essential local services like public schools, road maintenance, and emergency services. The median tax rate in Amherst is 0.59%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Amherst set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amherst 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 Amherst's effective property tax rate to other areas in Phillips County and the national median. For comparison, the 80721 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Amherst provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amherst Tax Rate
0.59%
Average Phillips County Tax Rate
0.71%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amherst, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80721 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Amherst, Colorado
In Amherst, 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 Phillips 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 Amherst, 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 Amherst helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $497 in the 80721 zip code, which also has the lowest median tax bill at $497.
Average Amherst Assessed Value
$84,702
Average Phillips County Assessed Value
$138,922
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amherst, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80721 | $14,606 | $42,192 | $84,702 | $135,901 | $163,902 |
Source: Ownwell
Property Tax Bills Across Amherst, Colorado
In Amherst, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $84,702, the assessed value is used to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. The tax rate is then applied to the assessed value to determine the annual tax bill. In Amherst, the median property tax bill is $497, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $248, while those in the 75th percentile see bills closer to $798, and the 90th percentile reaches up to $1,070. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Amherst Tax Bill
$497
Average Phillips County Tax Bill
$987
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Amherst, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80721 | $86 | $248 | $497 | $798 | $1,070 |
Source: Ownwell