Lamar, Colorado Property Taxes
The median property tax rate in Lamar, CO is 0.49%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Lamar, the typical annual property tax bill reaches $259, well below the national median of $2,690. Property taxes in Lamar are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lamar'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 Lamar 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
Lamar, 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 Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Colorado
Property taxes in Lamar, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.49%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81052 has the same median property tax rate of 0.49%, highlighting a consistent tax landscape within the region. Understanding how these areas compare with Lamar provides valuable insights into the varying tax landscape across Prowers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.49%
Average Prowers County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | 0.26% | 0.49% | 0.49% | 0.49% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamar, Colorado. 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 Prowers 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 Lamar, 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. For instance, the highest median tax bill in Lamar is $259 in the 81052 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamar Assessed Value
$59,141
Average Prowers County Assessed Value
$51,952
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | $2,633 | $12,294 | $59,141 | $118,970 | $179,545 |
Source: Ownwell
Property Tax Bills Across Lamar, Colorado
In Lamar, located in Prowers County, CO, property tax bills are calculated based on the property's assessed value, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Lamar, the median home price stands at $59,141. The property tax rate in this area is relatively low compared to the national median property tax rate of 0.99%. Homeowners can expect tax bills ranging from the 25th percentile at $60 to the 75th percentile at $534, with the 90th percentile reaching up to $850. The highest and lowest median tax bills in Lamar are both $259, indicating a level of consistency in property tax assessments within the 81052 zip code. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Lamar Tax Bill
$259
Average Prowers County Tax Bill
$253
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81052 | $13 | $60 | $259 | $534 | $850 |
Source: Ownwell