Chromo, Colorado Property Taxes
The median property tax rate in Chromo, CO is 0.41%, significantly lower than both the national median of 0.99% and Colorado's state median of 0.55%. With the median home value in Chromo at $510,140, the typical annual property tax bill amounts to $2,132, which is below the national median of $2,690. Property taxes in Chromo 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 Chromo'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 Chromo or another part of the region, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chromo, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$2,092
$1,941
Ownwell’s Chromo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chromo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chromo 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 Chromo, Colorado
Property taxes in Chromo, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Chromo is 0.41%, which is lower than the Colorado state median and the U.S. national median of 0.99%. Local government entities within Chromo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chromo 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 Chromo's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81128 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Chromo provides valuable insights into the varying tax landscape across Archuleta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chromo Tax Rate
0.41%
Average Archuleta County Tax Rate
0.45%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chromo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81128 | 0.41% | 0.41% | 0.41% | 0.42% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Chromo, Colorado
In Chromo, 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 Archuleta 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 Chromo, 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 Chromo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Chromo are both $2132, found in the 81128 zip code.
Average Chromo Assessed Value
$510,140
Average Archuleta County Assessed Value
$301,050
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chromo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81128 | $144,082 | $344,340 | $510,140 | $625,020 | $774,256 |
Source: Ownwell
Property Tax Bills Across Chromo, Colorado
In Chromo, Archuleta County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county's assessor. This assessed value is a percentage of the property's market value. For instance, with a median home price of $510,140, the assessed value is used to compute the tax bill. The tax rate in this county is applied to the assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Chromo may see a wide range of tax bills. For example, the 25th percentile tax bill is around $1,565, while the 75th percentile reaches $2,686, and the 90th percentile can go up to $4,069. These variations can significantly impact homeowners, making it essential to understand the assessed value and applicable exemptions to manage property tax obligations effectively. The median tax bill in the highest and lowest zip code is $2,132, reflecting the uniformity in certain areas.
Average Chromo Tax Bill
$2,132
Average Archuleta County Tax Bill
$1,424
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Chromo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81128 | $1,011 | $1,565 | $2,132 | $2,686 | $4,069 |
Source: Ownwell