Wetmore, Colorado Property Taxes
The median property tax rate in Wetmore, CO is 0.41%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Wetmore at $339,946, the typical annual property tax bill reaches $1,410, which is well below the national median of $2,690. Property taxes in Wetmore 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 Wetmore'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 Wetmore or another part of Fremont County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wetmore, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$1,394
Ownwell’s Wetmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wetmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wetmore 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 Wetmore, Colorado
Property taxes in Wetmore, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wetmore is 0.41%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Wetmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wetmore 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 Wetmore's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81253 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Wetmore 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 Wetmore Tax Rate
0.41%
Average Fremont County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | 0.36% | 0.40% | 0.41% | 0.41% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Wetmore, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wetmore, 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 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 Wetmore, 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 Wetmore is $339,946, with the 25th percentile tax bill at $1,097 and the 75th percentile at $1,639. The highest and lowest median tax bills are both $1,410 in zip code 81253. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wetmore Assessed Value
$339,946
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 Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | $225,693 | $267,465 | $339,946 | $386,396 | $409,571 |
Source: Ownwell
Property Tax Bills Across Wetmore, Colorado
In Wetmore, property tax bills are calculated based on the assessed value of a home, which is determined by the Fremont County Assessor. The assessed value is a percentage of the market value of the property. Various factors such as property size, location, and condition are considered to determine this value. Homeowners in Wetmore can expect a median home price of $339,946, with property tax bills ranging significantly. For instance, the tax bill at the 25th percentile is $1,097, while at the 75th percentile, it rises to $1,639, and at the 90th percentile, it reaches $1,788. Compared to the national median property tax rate of 0.99%, Wetmore's property tax landscape presents a diverse range of tax bills. The highest and lowest median tax bills in the area both stand at $1,410, specifically in the 81253 zip code. These property taxes directly impact homeowners' annual expenses, influencing decisions related to homeownership affordability and long-term financial planning.
Average Wetmore Tax Bill
$1,410
Average Fremont County Tax Bill
$1,012
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Wetmore, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81253 | $994 | $1,097 | $1,410 | $1,639 | $1,788 |
Source: Ownwell