Canon City, Colorado Property Taxes
The median property tax rate in Canon City, CO is 0.59%, slightly higher than the Colorado state median of 0.55% but lower than the national median of 0.99%. With the median home value in Canon City at $215,294, the typical annual property tax bill amounts to $1,160, which is significantly below the national median of $2,690. Property taxes in Canon City are based on the tax assessed value, often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Canon City'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 Canon City or another part of Fremont County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canon City, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$1,270
Ownwell’s Canon City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canon City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canon City 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 Canon City, Colorado
Property taxes in Canon City, Colorado, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canon City is 0.59%, which is lower than both the Colorado state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Canon City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canon City 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 Canon City's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81212 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Canon City provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canon City Tax Rate
0.59%
Average Fremont County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canon City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81212 | 0.35% | 0.51% | 0.59% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Canon City, Colorado
In Canon City, 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 Fremont 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 Canon City, 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 Canon City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Canon City are both $1160, found in zip code 81212, reflecting a consistent tax environment across the area.
Average Canon City Assessed Value
$215,294
Average Fremont County Assessed Value
$205,831
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canon City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81212 | $14,310 | $139,366 | $215,294 | $290,389 | $390,381 |
Source: Ownwell
Property Tax Bills Across Canon City, Colorado
In Canon City, located in Fremont County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Canon City is $215,294. Local assessors determine the assessed value, and then the local property tax rate is applied. While the national median property tax rate stands at 0.99%, the rates in Canon City can vary. Several factors influence the property tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Canon City is $670, while the 75th percentile reaches $1,633, and the 90th percentile can go up to $2,221. The median tax bill, consistent across the zip code 81212, is $1,160. These property taxes directly impact homeowners by contributing to local services such as schools, roads, and emergency services. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Canon City Tax Bill
$1,160
Average Fremont County Tax Bill
$1,012
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Canon City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81212 | $75 | $670 | $1,160 | $1,633 | $2,221 |
Source: Ownwell