Monument, Colorado Property Taxes
The median property tax rate in Monument, CO is 0.47%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Monument at $515,538, the typical annual property tax bill reaches $2,739, slightly above the national median of $2,690. Property taxes in Monument 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 Monument'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 Monument 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
Monument, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,423
Ownwell’s Monument Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monument with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monument 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 Monument, Colorado
Property taxes in Monument, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monument is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Monument set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monument 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 Monument's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80132 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Monument provides valuable insights into the varying tax landscape across El Paso County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monument Tax Rate
0.47%
Average El Paso County Tax Rate
0.42%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monument, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | 0.40% | 0.47% | 0.47% | 0.68% | 0.80% |
| 80133 | N/A | N/A | N/A | N/A | N/A |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Monument, Colorado
In Monument, 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 El Paso County Assessor's Office 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 Monument, 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 Monument helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monument is $515,538, with the highest and lowest median tax bills both being $2,739 in the 80132 zip code.
Average Monument Assessed Value
$515,538
Average El Paso County Assessed Value
$319,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monument, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | $263,960 | $416,494 | $515,734 | $626,279 | $774,012 |
| 80133 | N/A | N/A | N/A | N/A | N/A |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Monument, Colorado
In Monument, property tax bills are calculated based on the assessed value of a home, which is determined by the El Paso County Assessor's Office. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local property tax rate to determine the tax bill. The median home price in Monument is $515,538, and the tax rate is influenced by various local levies and state regulations. Several factors can affect the property tax bill, including changes in the market value of homes, local government budgets, and voter-approved measures. For Monument homeowners, the property tax bill can vary significantly. For example, the 25th percentile tax bill is around $2,190, while the 75th percentile reaches $3,668, and the 90th percentile can be as high as $4,574. These taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Monument Tax Bill
$2,739
Average El Paso County Tax Bill
$1,379
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Monument, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80132 | $1,533 | $2,190 | $2,739 | $3,669 | $4,574 |
| 80133 | N/A | N/A | N/A | N/A | N/A |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell