Penrose, Colorado Property Taxes
The median property tax rate in Penrose, CO is 0.50%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $212,007 in Penrose, the typical annual property tax bill is $946, well below the national median of $2,690. Property taxes in Penrose are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Penrose'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 Penrose 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
Penrose, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,060
$984
Ownwell’s Penrose Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Penrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penrose 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 Penrose, Colorado
Property taxes in Penrose, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penrose is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Penrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penrose 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 Penrose's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81240 zip code has the highest median property tax rate of 0.50%, while the same 81240 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Penrose provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penrose Tax Rate
0.50%
Average Fremont County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81240 | 0.31% | 0.45% | 0.50% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Penrose, Colorado
In Penrose, 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 Fremont 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 Penrose, 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 Penrose is $212,007, with the highest and lowest median tax bills both being $946 in zip code 81240. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penrose Assessed Value
$212,007
Average Fremont County Assessed Value
$205,831
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81240 | $9,034 | $52,258 | $212,007 | $312,672 | $427,280 |
Source: Ownwell
Property Tax Bills Across Penrose, Colorado
In Penrose, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, and in Colorado, this percentage is typically around 7.15%. For instance, with a median home price of $212,007 in Penrose, the assessed value would be approximately $15,137. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors influencing the tax bill include the home's market value, the assessment rate, and the local tax rate. Homeowners in Penrose can expect varying tax bills, with the 25th percentile paying around $251, while those in the 75th percentile pay about $1,476. At the 90th percentile, the tax bill can rise to $2,054. These differences highlight how property tax impacts homeowners differently based on their property's value. With the national median property tax rate at 0.99%, Penrose's rates reflect a localized approach to property taxation.
Average Penrose Tax Bill
$946
Average Fremont County Tax Bill
$1,012
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Penrose, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81240 | $43 | $251 | $946 | $1,476 | $2,054 |
Source: Ownwell