Paoli, Phillips County, Colorado Property Taxes
The median property tax rate in Paoli, CO is 0.66%, 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 $116,663 in Paoli, the typical annual property tax bill is $784, significantly below the national median of $2,690. Property taxes in Paoli 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 Paoli's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Paoli or investing in its real estate, a thorough grasp of the local property tax system will benefit you financially.
Last Updated June 14, 2024
Paoli, Phillips County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$770
$715
Ownwell’s Paoli Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paoli with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paoli 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 Paoli, Phillips County, Colorado
Property taxes in Paoli, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paoli is 0.66%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Paoli set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paoli 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 Paoli's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80746 zip code has the highest median property tax rate of 0.66%, while the 80746 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Paoli 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 Paoli Tax Rate
0.66%
Average Phillips County Tax Rate
0.71%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paoli, Phillips County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80746 | 0.66% | 0.66% | 0.66% | 0.66% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Paoli, Phillips County, Colorado
In Paoli, 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 Appraisal District 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 Paoli, 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 Paoli helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Paoli is $784, found in zip code 80746, and the lowest median tax bill is also $784 in the same zip code.
Property Tax Assessment Values Across Paoli, Phillips County, Colorado
Source: Ownwell
$84,702
$114,419
$144,136
Average Paoli Assessed Value
$116,663
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 Paoli, Phillips County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80746 | $23,778 | $63,124 | $116,663 | $147,682 | $199,675 |
Source: Ownwell
Property Tax Bills Across Paoli, Phillips County, Colorado
In Paoli, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Paoli is $116,663. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, homes in the 25th percentile of tax bills pay around $418, while those in the 75th percentile pay about $978. The 90th percentile sees tax bills of approximately $1,322. These figures indicate that property taxes in Paoli can vary significantly depending on the property's value. Factors such as property improvements, neighborhood developments, and changes in local tax rates can influence these assessments. Compared to the national median property tax rate of 0.99%, Paoli's property taxes provide a relatively affordable option for homeowners, allowing them to manage their annual expenses more effectively. Understanding these factors can help homeowners anticipate their tax liabilities and plan their finances accordingly.
Average Paoli Tax Bill
$784
Average Phillips County Tax Bill
$987
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Paoli, Phillips County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80746 | $158 | $418 | $784 | $978 | $1,322 |
Source: Ownwell