Rico, Colorado Property Taxes
The median property tax rate in Rico, CO is 0.60%, slightly higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Rico at $237,722, the typical annual property tax bill reaches $1,427, which is below the national median of $2,690. Property taxes in Rico are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rico'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 Rico 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
Rico, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,426
Ownwell’s RICO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICO 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 Rico, Colorado
Property taxes in Rico, Colorado, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Rico is 0.60%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Rico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rico 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 Rico's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81332 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Rico provides valuable insights into the varying tax landscape across Dolores County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rico Tax Rate
0.60%
Average Dolores County Tax Rate
0.48%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rico, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81332 | 0.48% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Rico, Colorado
In RICO, 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 Dolores 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 RICO, 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 RICO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 81332 has the highest and lowest median tax bill at $1427, reflecting the diverse property values within the area.
Average Rico Assessed Value
$237,722
Average Dolores County Assessed Value
$95,040
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rico, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81332 | $132,487 | $190,415 | $237,722 | $328,482 | $404,902 |
Source: Ownwell
Property Tax Bills Across Rico, Colorado
In RICO, located in Dolores County, CO, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For instance, if the median home price is $237,722, the assessed value would be a fraction of this amount, upon which the tax rate is applied. The tax rate in Dolores County is applied to the assessed value to determine the annual tax bill. Various factors influence this calculation, including local government budgets, school funding needs, and public services. Homeowners in RICO experience a range of tax bills, with the 25th percentile paying around $984 annually and the 75th percentile paying approximately $1,916. The 90th percentile sees tax bills as high as $2,359. These property taxes significantly impact homeowners, influencing their overall cost of living and potentially affecting property affordability. Compared to the national median property tax rate of 0.99%, RICO's tax rates reflect the local economic conditions and funding requirements.
Average Rico Tax Bill
$1,427
Average Dolores County Tax Bill
$568
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Rico, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81332 | $615 | $984 | $1,427 | $1,916 | $2,359 |
Source: Ownwell