Timpas, Colorado Property Taxes
The median property tax rate in Timpas, Colorado is 0.20%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Timpas, the typical annual property tax bill is just $38, far below the national median of $2,690. Property taxes in Timpas are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Timpas' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Timpas or another part of Otero County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Timpas, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s TIMPAS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TIMPAS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TIMPAS 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 Timpas, Colorado
Property taxes in Timpas, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Timpas is 0.20%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Timpas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timpas 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 Timpas's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the region is found in zip code 80201 with a rate of 0.85%, while the lowest median tax rate is in zip code 81001 at 0.15%. Understanding how these cities compare with Timpas 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 Timpas Tax Rate
0.20%
Average Otero County Tax Rate
0.47%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timpas, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81050 | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
Source: Ownwell
Property Tax Assessment Values Across Timpas, Colorado
In TIMPAS, 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 Otero 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 TIMPAS, 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 TIMPAS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Timpas Assessed Value
$18,931
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 Timpas, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81050 | $18,931 | $18,931 | $18,931 | $18,931 | $18,931 |
Source: Ownwell
Property Tax Bills Across Timpas, Colorado
In Timaps, Otero County, 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 property's market value. The property tax rate in Timaps is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $18,931, homeowners can expect to pay property taxes that align closely with the county’s tax rate. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. Homeowners in Timaps typically see tax bills around $38, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership in Timaps more affordable compared to other regions. However, it's essential for homeowners to stay informed about any changes in local tax rates or property assessments to manage their financial planning effectively.
Average Timpas Tax Bill
$38
Average Otero County Tax Bill
$266
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Timpas, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81050 | $38 | $38 | $38 | $38 | $38 |
Source: Ownwell