Montrose, Colorado Property Taxes
The median property tax rate in Montrose, CO is 0.49%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $417,470, the typical annual property tax bill in Montrose amounts to $2,036, which is below the national median of $2,690. Property taxes in Montrose are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Montrose'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 Montrose or another part of the city, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montrose, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$2,046
Ownwell’s Montrose Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. 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 Montrose, Colorado
Property taxes in Montrose, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.49%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81401 zip code has the highest median property tax rate of 0.49%, while the 81403 zip code has the lowest median tax rate of 0.48%. Understanding how these cities compare with Montrose provides valuable insights into the varying tax landscape across Montrose County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montrose Tax Rate
0.49%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | 0.48% | 0.48% | 0.49% | 0.49% | 0.49% |
| 81403 | 0.48% | 0.48% | 0.48% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Colorado
In Montrose, 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 Montrose 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 Montrose, 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. The median home price in Montrose is $417,470, with tax bills ranging from $1,577 at the 25th percentile to $3,839 at the 90th percentile. The highest median tax bill is $2,604 in zip code 81403, while the lowest is $1,895 in zip code 81401. 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montrose Assessed Value
$417,470
Average Montrose County Assessed Value
$398,340
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | $230,386 | $310,672 | $390,630 | $501,210 | $659,457 |
| 81403 | $236,624 | $369,730 | $531,980 | $743,840 | $956,324 |
Source: Ownwell
Property Tax Bills Across Montrose, Colorado
In Montrose, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessment rate in Colorado is typically 7.15% of the market value. For instance, with the median home price in Montrose at $417,470, the assessed value would be approximately $29,845. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the specific tax rate set by local taxing authorities and any applicable exemptions. Homeowners in Montrose can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is around $1,577, while at the 75th percentile, it rises to $2,842. The highest median tax bill in the region is $2,604 in zip code 81403, compared to the lowest median tax bill of $1,895 in zip code 81401. These taxes fund essential community services, impacting the quality of local infrastructure, schools, and public safety.
Average Montrose Tax Bill
$2,036
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81401 | $1,116 | $1,506 | $1,895 | $2,445 | $3,243 |
| 81403 | $1,181 | $1,833 | $2,604 | $3,608 | $4,704 |
Source: Ownwell