Montezuma, Colorado Property Taxes
The median property tax rate in Montezuma, CO is 0.42%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $643,200 in Montezuma, the typical annual property tax bill is $2,612, slightly below the national median of $2,690. Property taxes in Montezuma are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Montezuma'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 Montezuma or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montezuma, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Montezuma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montezuma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montezuma 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 Montezuma, Colorado
Property taxes in Montezuma, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montezuma is 0.51%, which is higher than the Colorado state median of 0.48% but still below the U.S. national median of 0.99%. Local government entities within Montezuma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montezuma 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 Montezuma's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80435 zip code has the highest median property tax rate of 0.51%, while the 80435 zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Montezuma provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montezuma Tax Rate
0.42%
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montezuma, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | 0.40% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Montezuma, Colorado
In Montezuma, 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 Summit 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 Montezuma, 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 Montezuma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,612, found in the 80435 zip code.
Average Montezuma Assessed Value
$643,200
Average Summit County Assessed Value
$629,250
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montezuma, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | $348,140 | $540,800 | $643,200 | $719,900 | $873,160 |
Source: Ownwell
Property Tax Bills Across Montezuma, Colorado
In Montezuma, located in Summit County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, a median home price in Montezuma is $643,200. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Montezuma can expect tax bills to vary significantly, with the 25th percentile tax bill at $2,267 and the 75th percentile reaching $2,926. At the 90th percentile, the tax bill can go up to $4,255. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Montezuma's property tax rates reflect the area's high property values. This can result in higher tax bills, impacting homeowners' annual budgets and long-term financial planning.
Average Montezuma Tax Bill
$2,612
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Montezuma, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | $1,460 | $2,267 | $2,612 | $2,926 | $4,255 |
Source: Ownwell