Lamar, Colorado Property Taxes
The median property tax rate in Lamar, CO is 1.16%, considerably higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Lamar, the typical annual property tax bill reaches $250, which is significantly lower than the national median of $2,690. Property taxes in Lamar 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 Lamar'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 Lamar 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
Lamar, 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 Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Colorado
Property taxes in Lamar, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.38%, significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81052 zip code has the highest median property tax rate of 0.38%, while the same zip code also has the lowest median tax rate of 0.38%. Understanding how these cities compare with Lamar provides valuable insights into the varying tax landscape across Prowers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
1.16%
Average Bent County Tax Rate
0.64%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | 0.30% | 0.47% | 1.16% | 2.23% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Colorado
In Lamar, 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 local 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 Lamar, 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. The median home price in Lamar is $17,834, with annual tax bills ranging from $80 at the 25th percentile to $603 at the 90th percentile. Notably, the zip code 81052 has both the highest and lowest median tax bill at $250. Being aware of these valuation processes in Lamar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamar Assessed Value
$17,834
Average Bent County Assessed Value
$33,984
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | $4,358 | $6,002 | $17,834 | $33,487 | $84,406 |
Source: Ownwell
Property Tax Bills Across Lamar, Colorado
In Lamar, located in Bent County, CO, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and is a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Lamar, the tax bills vary significantly. The 25th percentile tax bill is approximately $80, while the 75th percentile tax bill is around $332. At the 90th percentile, the tax bill can reach up to $603. The median home price in Lamar stands at $17,834, which is considerably lower than many other regions, resulting in relatively lower property tax bills compared to the national median property tax rate of 0.99%. This system of property tax calculation ensures that homeowners pay taxes proportional to the value of their property, impacting their annual financial planning and budgeting.
Average Lamar Tax Bill
$250
Average Bent County Tax Bill
$221
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | $48 | $80 | $250 | $332 | $603 |
Source: Ownwell