Norwood, Colorado Property Taxes
The median property tax rate in Norwood, 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 Norwood at $771,845, the typical annual property tax bill is $2,677, just below the national median of $2,690. Property taxes in Norwood 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 Norwood'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 Norwood or another part of Montrose County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norwood, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$2,701
Ownwell’s Norwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwood 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 Norwood, Colorado
Property taxes in Norwood, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwood is 0.35%, significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Norwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwood estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all assessed 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 Norwood'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 zip code 80007 with a rate of 0.82%, while the lowest median tax rate is in zip code 80403 at 0.28%. Understanding how these cities compare with Norwood provides valuable insights into the varying tax landscape across Montrose County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norwood Tax Rate
0.35%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norwood, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81423 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Norwood, Colorado
In Norwood, 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 Montrose 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 Norwood, 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. For instance, the highest median tax bill in Norwood is $2,677 in the 81423 zip code, while the lowest median tax bill is also $2,677 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norwood Assessed Value
$771,845
Average Montrose County Assessed Value
$398,340
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norwood, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81423 | $629,113 | $682,638 | $771,845 | $861,052 | $914,577 |
Source: Ownwell
Property Tax Bills Across Norwood, Colorado
In Norwood, property tax bills are calculated based on the assessed value of a home, which is determined by the Montrose County Assessor's Office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in Norwood, the median home price is $771,845, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,367, while the 75th percentile reaches $2,986. At the 90th percentile, homeowners might see tax bills as high as $3,172. These figures highlight the range of property taxes that homeowners might expect, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Norwood's property tax rate and the resulting bills reflect the area's unique real estate market and local government funding needs, impacting the overall cost of homeownership.
Average Norwood Tax Bill
$2,677
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Norwood, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81423 | $2,181 | $2,367 | $2,677 | $2,986 | $3,172 |
Source: Ownwell