Chama, Costilla County, Colorado Property Taxes
The median property tax rate in Chama, CO is 0.40%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Chama at $63,470, the typical annual property tax bill reaches $257, which is significantly below the national median of $2,690. Property taxes in Chama 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 Chama'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 Chama 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
Chama, Costilla County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$254
$236
Ownwell’s Chama Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chama 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 Chama, Costilla County, Colorado
Property taxes in Chama, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chama is 0.40%, significantly lower than the U.S. national median of 0.99%. Local government entities within Chama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chama 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 Chama's effective property tax rate to other areas in Costilla County and the national median. For comparison, the zip code 81126 has both the highest and lowest median property tax rate in the area at 0.40%. Understanding how these areas compare with Chama provides valuable insights into the varying tax landscape across Costilla County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chama Tax Rate
0.40%
Average Costilla County Tax Rate
0.60%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chama, Costilla County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81126 | 0.40% | 0.40% | 0.40% | 0.54% | 5.41% |
Source: Ownwell
Property Tax Assessment Values Across Chama, Costilla County, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chama, Colorado. 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 Costilla 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 Chama, 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 highest median tax bill in Chama is $257 in the 81126 zip code, while the lowest median tax bill is also $257 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chama, Costilla County, Colorado
Source: Ownwell
$63,470
$88,327
$113,183
Average Chama Assessed Value
$63,470
Average Costilla County Assessed Value
$81,990
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chama, Costilla County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81126 | $1,372 | $6,552 | $63,470 | $101,203 | $157,311 |
Source: Ownwell
Property Tax Bills Across Chama, Costilla County, Colorado
In Chama, located in Costilla County, CO, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Chama is $63,470, which is considerably lower than the national median. Homeowners can expect their property tax bills to vary widely, from the 25th percentile at $73 to the 75th percentile at $403, with the 90th percentile reaching up to $627. These tax bills are influenced by several factors, including the assessed value of the property and applicable exemptions. For instance, properties in the zip code 81126 have a median tax bill of $257, which is consistent across the board. This variation in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively and anticipate their financial obligations.
Average Chama Tax Bill
$257
Average Costilla County Tax Bill
$381
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Chama, Costilla County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81126 | $36 | $73 | $257 | $403 | $627 |
Source: Ownwell