Sheridan Lake, Colorado Property Taxes
The median property tax rate in Sheridan Lake, CO is 0.68%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $27,358, the typical annual property tax bill in Sheridan Lake is $254, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Sheridan Lake'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 Sheridan Lake or another part of Kiowa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheridan Lake, 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 Sheridan Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheridan Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheridan Lake 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 Sheridan Lake, Colorado
Property taxes in Sheridan Lake, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan Lake is 0.68%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Sheridan Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan Lake 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 Sheridan Lake's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81071 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Sheridan Lake provides valuable insights into the varying tax landscape across Kiowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Lake Tax Rate
0.68%
Average Kiowa County Tax Rate
0.98%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81071 | 0.61% | 0.67% | 0.68% | 1.00% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan Lake, Colorado
In Sheridan Lake, 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 Kiowa 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 Sheridan Lake, 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 Sheridan Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sheridan Lake is $27,358. The highest median tax bill is $254 in the 81071 zip code, while the lowest median tax bill is also $254 in the same zip code.
Average Sheridan Lake Assessed Value
$27,358
Average Kiowa County Assessed Value
$47,865
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheridan Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81071 | $2,797 | $7,575 | $27,358 | $71,703 | $133,180 |
Source: Ownwell
Property Tax Bills Across Sheridan Lake, Colorado
In Sheridan Lake, located in Kiowa County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Sheridan Lake experience property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $134, while at the 75th percentile, it rises to $794, and at the 90th percentile, it can reach $1698. The highest and lowest median tax bills are both $254, indicating some consistency in the median range. These tax bills impact homeowners by influencing their overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Sheridan Lake’s rates can be relatively low, making it an attractive area for those looking to minimize their property tax expenses. Understanding these factors helps homeowners better plan their finances and potentially save on property taxes.
Average Sheridan Lake Tax Bill
$254
Average Kiowa County Tax Bill
$440
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81071 | $51 | $134 | $254 | $794 | $1,698 |
Source: Ownwell