Merino, Colorado Property Taxes
The median property tax rate in Merino, CO, is 0.58%, slightly higher than the Colorado state median of 0.55% but still below the national median of 0.99%. With the median home value in Merino at $154,360, the typical annual property tax bill reaches $876, which is significantly lower than the national median of $2,690. Property taxes in Merino are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Merino'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 Merino 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
Merino, 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 Merino Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merino with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merino 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 Merino, Colorado
Property taxes in Merino, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merino is 0.58%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Merino set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merino 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 Merino's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80741 zip code has the highest median property tax rate of 0.58%, while the same 80741 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Merino provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merino Tax Rate
0.58%
Average Logan County Tax Rate
0.57%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merino, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80741 | 0.47% | 0.48% | 0.58% | 0.65% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Merino, Colorado
In Merino, 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 Logan 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 Merino, 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 Merino helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80741 has the highest median tax bill of $876, which is also the lowest median tax bill in the area.
Average Merino Assessed Value
$154,360
Average Logan County Assessed Value
$146,235
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merino, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80741 | $20,489 | $79,520 | $154,360 | $231,302 | $321,182 |
Source: Ownwell
Property Tax Bills Across Merino, Colorado
In Merino, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. Homeowners in Merino pay a median property tax bill of $876, which is relatively modest compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, its market value, and any applicable exemptions. For instance, homes at the 25th percentile pay around $438, while those at the 75th percentile see bills closer to $1,438. At the 90th percentile, the tax bill can reach up to $2,467. These variations significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Understanding these elements can help residents better anticipate their property tax obligations and potentially explore avenues for appealing their assessed values or seeking exemptions.
Average Merino Tax Bill
$876
Average Logan County Tax Bill
$847
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Merino, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80741 | $107 | $438 | $876 | $1,438 | $2,467 |
Source: Ownwell