New Raymer, Colorado Property Taxes
The median property tax rate in New Raymer, CO is 0.77%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With the median home value in New Raymer at $287,090, the typical annual property tax bill amounts to $2,327, slightly below the national median of $2,690. Property taxes in New Raymer are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding New Raymer'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 New Raymer or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Raymer, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,211
$2,051
Ownwell’s New Raymer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Raymer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Raymer 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 New Raymer, Colorado
Property taxes in New Raymer, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Raymer is 0.23%, significantly lower than both the Colorado state median of 0.48% and the U.S. national median of 0.99%. Local government entities within New Raymer set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Raymer 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 New Raymer's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80653 has the highest median property tax rate of 0.23%, while the same zip code also has the lowest median tax rate of 0.23%. Understanding how these cities compare with New Raymer 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 New Raymer Tax Rate
0.77%
Average Morgan County Tax Rate
0.57%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Raymer, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80742 | 0.64% | 0.68% | 0.77% | 0.90% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across New Raymer, Colorado
In New Raymer, 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 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 New Raymer, 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 New Raymer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80742 has the highest and lowest median tax bill, both at $2,327.
Average New Raymer Assessed Value
$287,090
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 New Raymer, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80742 | $188,589 | $198,698 | $287,090 | $353,422 | $467,691 |
Source: Ownwell
Property Tax Bills Across New Raymer, Colorado
In New Raymer, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. For instance, if the median home price in New Raymer is $287,090, the assessed value will be a fraction of this amount, as determined by local assessment ratios. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local taxing authorities. In New Raymer, the tax bill varies significantly, with the 25th percentile at $1,328 and the 75th percentile reaching $2,946. The 90th percentile tax bill can be as high as $4,507. These variations underscore the importance of understanding local property tax assessments and rates. For homeowners, these taxes represent a significant annual expense, impacting overall affordability and long-term financial planning.
Average New Raymer Tax Bill
$2,327
Average Morgan County Tax Bill
$1,191
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across New Raymer, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80742 | $1,244 | $1,328 | $2,327 | $2,946 | $4,507 |
Source: Ownwell