Hugo, Colorado Property Taxes
The median property tax rate in Hugo, CO is 0.72%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $109,231 in Hugo, the typical annual property tax bill amounts to $690, significantly lower than the national median of $2,690. Property taxes in Hugo are determined based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hugo'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 Hugo or elsewhere in Lincoln County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hugo, 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 Hugo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hugo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hugo 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 Hugo, Colorado
Property taxes in Hugo, Colorado, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hugo is 0.72%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Hugo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hugo 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 Hugo's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80821 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Hugo 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 Hugo Tax Rate
0.72%
Average Lincoln County Tax Rate
0.60%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hugo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80821 | 0.36% | 0.49% | 0.72% | 0.72% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hugo, Colorado
In Hugo, 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 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 Hugo, 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 Hugo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 80821, both at $690.
Average Hugo Assessed Value
$109,231
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 Hugo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80821 | $8,670 | $51,836 | $109,231 | $176,408 | $243,401 |
Source: Ownwell
Property Tax Bills Across Hugo, Colorado
Property tax bills in Hugo, located in Lincoln County, CO, are calculated based on the assessed value of a property, determined by the county assessor's office. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate. For Hugo, the median home price is $109,231. Homeowners in Hugo can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $352, while at the 75th percentile, they reach approximately $1,128. The highest median tax bill in the area is $690, which also corresponds to the lowest median tax bill, indicating a consistent tax rate across the region. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hugo's property tax rates are relatively moderate, making it an attractive location for homeowners seeking affordable property taxes.
Average Hugo Tax Bill
$690
Average Lincoln County Tax Bill
$650
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Hugo, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80821 | $50 | $352 | $690 | $1,128 | $1,607 |
Source: Ownwell