Laramie, Colorado Property Taxes
The median property tax rate in Laramie, CO is 0.59%, slightly above the state median of 0.55% but still below the national median of 0.99%. With a median home value of $220,050 in Laramie, the typical annual property tax bill amounts to $1,287, which is less than the national median of $2,690. Property taxes in Laramie are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Laramie'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 Laramie or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laramie, 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 Laramie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laramie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laramie 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 Laramie, Colorado
Property taxes in Laramie, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Laramie is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Laramie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laramie 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 Laramie's effective property tax rate to other counties in Colorado and the national median. For comparison, the 82070 zip code has both the highest and lowest median property tax rate of 0.59%, reflecting the uniformity in tax rates within this area. Understanding how these cities compare with Laramie provides valuable insights into the varying tax landscape across Larimer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laramie Tax Rate
0.59%
Average Larimer County Tax Rate
0.66%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laramie, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82070 | 0.58% | 0.58% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Laramie, Colorado
In Laramie, CO, 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 Larimer County 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 Laramie, 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. For instance, the median home price is $220,050, with tax bills ranging from $1,118 at the 25th percentile to $1,558 at the 90th percentile. 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 Laramie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laramie Assessed Value
$220,050
Average Larimer County Assessed Value
$394,000
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laramie, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82070 | $173,850 | $191,175 | $220,050 | $248,925 | $266,250 |
Source: Ownwell
Property Tax Bills Across Laramie, Colorado
In Laramie, Larimer County, CO, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. For instance, with a median home price of $220,050, the assessed value is calculated, and the applicable tax rate is then applied to this value. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. Homeowners in Laramie can expect their property tax bills to vary, with the 25th percentile at $1,118 and the 75th percentile at $1,456. At the 90th percentile, the tax bill reaches up to $1,558. The highest and lowest median tax bills in the area are both $1,287, reflecting a consistent tax rate within the zip code 82070. Compared to the national median property tax rate of 0.99%, Laramie's rates are competitive, providing homeowners with a predictable and manageable tax environment.
Average Laramie Tax Bill
$1,287
Average Larimer County Tax Bill
$2,461
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Laramie, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 82070 | $1,017 | $1,118 | $1,287 | $1,456 | $1,558 |
Source: Ownwell