Ovid, Colorado Property Taxes
The median property tax rate in Ovid, CO is 0.65%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $178,062 in Ovid, the typical annual property tax bill amounts to $1,127, well below the national median of $2,690. Property taxes in Ovid are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Ovid'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 Ovid or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ovid, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,157
$1,074
Ownwell’s Ovid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ovid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ovid 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 Ovid, Colorado
Property taxes in Ovid, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ovid is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Ovid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ovid 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 Ovid's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80744 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Ovid provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ovid Tax Rate
0.65%
Average Phillips County Tax Rate
0.71%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ovid, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80744 | 0.60% | 0.62% | 0.65% | 0.69% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Ovid, Colorado
In Ovid, 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 Phillips 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 Ovid, 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. With a median home price of $178,062, it's important to understand these valuation concepts to better navigate your tax responsibilities. The zip code 80744 has the highest and lowest median tax bill, both at $1,127. By comprehending these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Ovid Assessed Value
$178,062
Average Phillips County Assessed Value
$138,922
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ovid, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80744 | $134,804 | $151,026 | $178,062 | $205,099 | $221,321 |
Source: Ownwell
Property Tax Bills Across Ovid, Colorado
In Ovid, Phillips County, CO, property tax bills are calculated based on the assessed value of your home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, if the median home price is $178,062, homeowners can expect their tax bills to fall within a range. At the 25th percentile, the tax bill is around $1,010, while at the 75th percentile, it reaches approximately $1,245. Those at the 90th percentile may see a tax bill as high as $1,316. Factors such as property improvements, neighborhood changes, and local government budgets influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Ovid's rates provide a context for homeowners to understand their obligations. Higher property taxes can impact homeowners by increasing their annual expenses, but they also contribute to local services and infrastructure, enhancing the community's overall quality of life.
Average Ovid Tax Bill
$1,127
Average Phillips County Tax Bill
$987
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Ovid, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80744 | $939 | $1,010 | $1,127 | $1,245 | $1,316 |
Source: Ownwell