Model, Colorado Property Taxes
The median property tax rate in Model, CO is 0.34%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Model, the typical annual property tax bill is $329, far below the national median of $2,690. Property taxes in Model are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Model'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 Model 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
Model, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$340
$315
Ownwell’s MODEL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MODEL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MODEL 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 Model, Colorado
Property taxes in MODEL, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MODEL is 0.34%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within MODEL set these rates annually, and they can vary significantly across different neighborhoods. Each year, MODEL 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. Understanding how these cities compare with MODEL provides valuable insights into the varying tax landscape across Las Animas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Model Tax Rate
0.34%
Average Las Animas County Tax Rate
0.33%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Model, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81059 | 0.21% | 0.32% | 0.34% | 0.55% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Model, Colorado
In MODEL, 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 Las Animas 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 MODEL, 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. The median home price in MODEL is $99,933, with tax bills ranging from $226 at the 25th percentile to $816 at the 90th percentile. The zip code 81059 has both the highest and lowest median tax bill at $329. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Model Assessed Value
$99,933
Average Las Animas County Assessed Value
$103,330
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Model, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81059 | $13,613 | $52,152 | $99,933 | $152,263 | $206,717 |
Source: Ownwell
Property Tax Bills Across Model, Colorado
In MODEL, located in Las Animas County, CO, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in MODEL face varying tax bills, with the 25th percentile paying around $226, while those in the 75th percentile pay approximately $523. At the 90th percentile, the tax bill can reach up to $816. The highest and lowest median tax bills in the area are both $329, indicating a consistent tax rate within the region. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in MODEL to understand how their local rates and assessed values impact their financial obligations. Understanding these factors helps homeowners budget effectively and anticipate annual expenses.
Average Model Tax Bill
$329
Average Las Animas County Tax Bill
$300
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Model, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81059 | $56 | $226 | $329 | $523 | $816 |
Source: Ownwell