Romeo, Colorado Property Taxes
The median property tax rate in Romeo, CO is 0.59%, slightly higher than the state median of 0.55% but lower than the national median of 0.99%. With the median home value in Romeo at $48,112, the typical annual property tax bill amounts to $249, which is significantly below the national median of $2,690. Property taxes in Romeo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Romeo'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 Romeo 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
Romeo, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$284
Ownwell’s Romeo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romeo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romeo 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 Romeo, Colorado
Property taxes in Romeo, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Romeo is 0.59%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Romeo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romeo 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 Romeo's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81148 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Romeo provides valuable insights into the varying tax landscape across Conejos County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Romeo Tax Rate
0.59%
Average Conejos County Tax Rate
0.53%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Romeo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81148 | 0.30% | 0.59% | 0.59% | 0.59% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Romeo, Colorado
In Romeo, 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 Conejos 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 Romeo, 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 Romeo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 81148 has both the highest and lowest median tax bill of $249, reflecting the diverse property values within the area.
Average Romeo Assessed Value
$48,112
Average Conejos County Assessed Value
$89,150
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Romeo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81148 | $5,814 | $15,968 | $48,112 | $81,042 | $116,493 |
Source: Ownwell
Property Tax Bills Across Romeo, Colorado
In Romeo, located in Conejos County, CO, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Romeo is $48,112. Homeowners receive a tax bill that reflects a percentage of this assessed value, which is then multiplied by the local tax rate. The tax bill can vary significantly based on the specific property and its assessed value. For instance, the tax bill at the 25th percentile is $94, while at the 75th percentile, it is $477, and at the 90th percentile, it reaches $690. These variations mean that while some homeowners may pay relatively low property taxes, others may face higher bills depending on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations. Compared to the national median property tax rate of 0.99%, the tax rates in Romeo can represent a significant financial consideration for residents.
Average Romeo Tax Bill
$249
Average Conejos County Tax Bill
$545
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Romeo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81148 | $37 | $94 | $249 | $477 | $690 |
Source: Ownwell