Genoa, Colorado Property Taxes
The median property tax rate in Genoa, CO is 0.60%, slightly higher than the Colorado state median of 0.55% but still below the national median of 0.99%. With a median home value of $88,971 in Genoa, the typical annual property tax bill is $611, significantly lower than the national median of $2,690. Property taxes in Genoa are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Genoa'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 Genoa or elsewhere in Lincoln County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Genoa, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$534
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Colorado
Property taxes in Genoa, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 0.60%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80818 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Genoa provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
0.60%
Average Lincoln County Tax Rate
0.60%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80818 | 0.42% | 0.50% | 0.60% | 0.99% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Colorado
In Genoa, 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 Lincoln County Assessor's Office 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 Genoa, 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. Being aware of these valuation processes in Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, zip code 80818 has the highest and lowest median tax bill, both at $611.
Average Genoa Assessed Value
$88,971
Average Lincoln County Assessed Value
$108,229
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80818 | $17,540 | $41,787 | $88,971 | $162,399 | $252,539 |
Source: Ownwell
Property Tax Bills Across Genoa, Colorado
In Genoa, Lincoln County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Genoa is $88,971. The property tax rate in this region significantly impacts homeowners' annual expenses. For instance, homeowners at the 25th percentile of the tax bill spectrum pay around $322 annually, while those at the 75th percentile pay approximately $1,135. The highest median tax bill in the area is $611, which is consistent across the zip code 80818. This means that even within the same county, there can be variations in tax bills depending on the specific location and assessed property values. Compared to the national median property tax rate of 0.99%, Genoa's tax bills can be considered moderate, affecting homeowners by adding a predictable annual cost to their property ownership. Understanding these factors helps homeowners budget more effectively and anticipate their annual financial obligations.
Average Genoa Tax Bill
$611
Average Lincoln County Tax Bill
$650
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80818 | $121 | $322 | $611 | $1,135 | $1,840 |
Source: Ownwell