Lewis, Colorado Property Taxes
The median property tax rate in Lewis, CO is 0.35%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Lewis at $155,444, the typical annual property tax bill is $540, well below the national median of $2,690. Property taxes in Lewis are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lewis'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 Lewis 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
Lewis, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$544
$505
Ownwell’s Lewis Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lewis. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lewis to estimate your property tax bill. This user-friendly tool provides a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, and it includes any applicable exemptions.
Property Tax Rates Across Lewis, Colorado
Property taxes in Lewis, Colorado, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis is 0.35%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Lewis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewis 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 Lewis's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in Montezuma County, while the lowest median tax rate is also found in Montezuma County. Understanding how these areas compare with Lewis provides valuable insights into the varying tax landscape across Montezuma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewis Tax Rate
0.35%
Average Montezuma County Tax Rate
0.39%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewis, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81327 | 0.21% | 0.35% | 0.35% | 0.36% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Lewis, Colorado
In Lewis, 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 Montezuma 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 Lewis, 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. For instance, the median home price in Lewis is $155,444. The 25th percentile tax bill is $334, while the 75th percentile is $787, and the 90th percentile reaches $1166. The highest and lowest median tax bill in Lewis is $540, found in the 81327 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewis Assessed Value
$155,444
Average Montezuma County Assessed Value
$183,673
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewis, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81327 | $50,940 | $106,771 | $155,444 | $242,525 | $316,968 |
Source: Ownwell
Property Tax Bills Across Lewis, Colorado
In Lewis, Montezuma 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 Lewis is $155,444. Property tax rates in this area are applied to the assessed value of the property, which is determined by the county assessor. Factors such as property size, location, and any improvements made to the home are considered in the assessment. Homeowners in Lewis can expect their property tax bills to vary. The 25th percentile tax bill is around $334, while the 75th percentile reaches $787. For those at the higher end, the 90th percentile tax bill is approximately $1,166. These figures help illustrate the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Lewis offers a relatively moderate tax environment, impacting homeowners' overall cost of living and financial planning.
Average Lewis Tax Bill
$540
Average Montezuma County Tax Bill
$702
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewis, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81327 | $173 | $334 | $540 | $787 | $1,166 |
Source: Ownwell