Limon, Colorado Property Taxes
The median property tax rate in Limon, CO is 0.60%, which is lower than the national median of 0.99% but slightly higher than the Colorado state median of 0.55%. With a median home value of $135,444 in Limon, the typical annual property tax bill amounts to $771, well below the national median of $2,690. Property taxes in Limon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Limon'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 Limon or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Limon, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$813
$754
Ownwell’s Limon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Limon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Limon 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 Limon, Colorado
Property taxes in Limon, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Limon is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Limon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Limon 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 Limon's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80828 zip code has the highest median property tax rate of 0.60%, which is the same as the lowest median tax rate of 0.60%. Understanding how these cities compare with Limon 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 Limon 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 Limon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80828 | 0.39% | 0.60% | 0.60% | 0.60% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Limon, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Limon, 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 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 Limon, 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 Limon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Limon is $135,444, with the highest and lowest median tax bill both recorded at $771 in zip code 80828.
Average Limon Assessed Value
$135,444
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 Limon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80828 | $13,411 | $67,314 | $135,444 | $215,283 | $293,070 |
Source: Ownwell
Property Tax Bills Across Limon, Colorado
In Limon, located in Lincoln County, CO, property tax bills are calculated based on the assessed value of a property, which is a percentage of the market value. For homeowners, the median home price stands at $135,444. The tax rate in this region is applied to the assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value, thus impacting the tax bill. For example, homeowners in Limon can expect property tax bills ranging from the 25th percentile at $378 to the 75th percentile at $1,285, with the 90th percentile reaching up to $1,740. These figures show a range of tax burdens that can affect household budgets differently. Compared to the national median property tax rate of 0.99%, Limon's property tax rates reflect local economic conditions and the funding needs of public services. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Limon Tax Bill
$771
Average Lincoln County Tax Bill
$650
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Limon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80828 | $72 | $378 | $771 | $1,285 | $1,740 |
Source: Ownwell