Log Lane Village, Morgan County, Colorado Property Taxes
The median property tax rate in Log Lane Village, CO is 0.59%, 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 Log Lane Village at $109,470, the typical annual property tax bill is around $513, significantly lower than the national median of $2,690. Property taxes in Log Lane Village are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Log Lane Village'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 Log Lane Village 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
Log Lane Village, Morgan County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$646
$599
Ownwell’s Log Lane Village Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Log Lane Village with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Log Lane Village to project your property tax bill. This valuable tool helps you gain a clear understanding of potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by Morgan County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Log Lane Village, Morgan County, Colorado
Property taxes in Log Lane Village, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Log Lane Village is 0.59%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Log Lane Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Log Lane Village 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 Log Lane Village's effective property tax rate to other areas in Colorado and the national median. For comparison, the 80705 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Log Lane Village provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Log Lane Village Tax Rate
0.59%
Average Morgan County Tax Rate
0.57%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Log Lane Village, Morgan County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80705 | 0.35% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Log Lane Village, Morgan County, Colorado
In Log Lane Village, 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 Morgan 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 Log Lane Village, 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 Log Lane Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $109,470, with tax bills ranging from $262 at the 25th percentile to $1,078 at the 90th percentile. The highest and lowest median tax bills are both $513 in the 80705 zip code.
Property Tax Assessment Values Across Log Lane Village, Morgan County, Colorado
Source: Ownwell
$109,470
$202,168
$294,865
Average Log Lane Village Assessed Value
$109,470
Average Morgan County Assessed Value
$211,955
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Log Lane Village, Morgan County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80705 | $21,830 | $45,675 | $109,470 | $144,185 | $184,575 |
Source: Ownwell
Property Tax Bills Across Log Lane Village, Morgan County, Colorado
In Log Lane Village, located in Morgan County, CO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For instance, with a median home price of $109,470, the tax bill can vary significantly depending on various factors, including property size, location, and improvements. Homeowners in Log Lane Village can expect a tax bill ranging from $262 at the 25th percentile to $814 at the 75th percentile, with the 90th percentile reaching up to $1,078. This variation highlights how different factors such as property characteristics and local tax rates influence the final amount. Compared to the national median property tax rate of 0.99%, the property tax rates in Log Lane Village offer a glimpse into the localized nature of tax assessments. Understanding these factors helps homeowners better anticipate their annual property tax obligations, allowing for more accurate financial planning and budgeting.
Average Log Lane Village Tax Bill
$513
Average Morgan County Tax Bill
$1,191
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Log Lane Village, Morgan County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80705 | $130 | $262 | $513 | $814 | $1,078 |
Source: Ownwell