Cheraw, Colorado Property Taxes
The median property tax rate in Cheraw, CO is 0.53%, which is notably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Cheraw at $54,815, the typical annual property tax bill amounts to $249, significantly less than the national median of $2,690. Property taxes in Cheraw are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cheraw'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 Cheraw 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
Cheraw, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$291
Ownwell’s Cheraw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cheraw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cheraw 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 Cheraw, Colorado
Property taxes in Cheraw, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cheraw is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Cheraw set these rates annually, and they can vary across different neighborhoods. Each year, Cheraw 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 Cheraw's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81030 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Cheraw provides valuable insights into the varying tax landscape across Otero County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cheraw Tax Rate
0.53%
Average Otero County Tax Rate
0.47%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cheraw, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81030 | 0.27% | 0.41% | 0.53% | 0.54% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Cheraw, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cheraw, Colorado. The market value represents what 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 Otero 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 Cheraw, 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 example, in the zip code 81030, the median tax bill is $249. 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 Cheraw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cheraw Assessed Value
$54,815
Average Otero County Assessed Value
$57,973
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cheraw, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81030 | $2,195 | $24,427 | $54,815 | $94,573 | $162,279 |
Source: Ownwell
Property Tax Bills Across Cheraw, Colorado
In Cheraw, property tax bills are calculated based on the assessed value of a home, which is determined by the Otero County Assessor's Office. This assessed value is a percentage of the property's market value. The tax rate, or mill levy, is then applied to this assessed value to calculate the tax bill. For instance, with a median home price of $54,815, homeowners can expect varying tax bills based on their property assessments and the applicable tax rate. Factors that influence the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. In Cheraw, tax bills can range significantly, with the 25th percentile at $115 and the 75th percentile at $486. At the 90th percentile, tax bills can reach up to $1,657. Comparing this to the national median property tax rate of 0.99%, homeowners in Cheraw may find their property taxes relatively manageable, but it’s essential to consider how these taxes impact their overall financial planning and homeownership costs.
Average Cheraw Tax Bill
$249
Average Otero County Tax Bill
$266
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheraw, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81030 | $14 | $115 | $249 | $486 | $1,657 |
Source: Ownwell