Vernon, Colorado Property Taxes
The median property tax rate in Vernon, CO is 0.70%, higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Vernon at $100,010, the typical annual property tax bill reaches $946, which is below the national median of $2,690. Property taxes in Vernon are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Vernon'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 Vernon 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
Vernon, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$700
$650
Ownwell’s Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Colorado
Property taxes in Vernon, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80755 has both the highest and the lowest median property tax rate in Yuma County, both at 0.70%. Understanding how these cities compare with Vernon provides valuable insights into the varying tax landscape across Yuma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vernon Tax Rate
0.70%
Average Yuma County Tax Rate
0.67%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80755 | 0.55% | 0.55% | 0.70% | 1.05% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Colorado
In Vernon, 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 Yuma 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 Vernon, 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 Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Vernon is $946 in the 80755 zip code, while the lowest median tax bill is also $946 in the same zip code.
Average Vernon Assessed Value
$100,010
Average Yuma County Assessed Value
$112,640
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vernon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80755 | $13,938 | $43,530 | $100,010 | $193,970 | $316,608 |
Source: Ownwell
Property Tax Bills Across Vernon, Colorado
In Vernon, 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 market value of the property. The tax rate, applied to this assessed value, determines the final tax bill for homeowners. Various factors influence the assessed value, including the home's location, size, and condition. Market trends and recent sales of similar properties in the area also play a significant role. In Vernon, the median home price is $100,010, and property tax bills can vary widely. For example, homeowners at the 25th percentile pay around $338, while those at the 75th percentile pay approximately $1,905. At the 90th percentile, the tax bill can be as high as $7,227. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should stay informed about their property assessments and tax rates to manage their financial responsibilities effectively.
Average Vernon Tax Bill
$946
Average Yuma County Tax Bill
$763
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80755 | $179 | $338 | $946 | $1,905 | $7,227 |
Source: Ownwell