Example of Larimer County Property Tax Calculation
In Larimer County, property tax is calculated based on the assessed value of the property. The assessed value is determined by the Larimer County Assessor's Office and is based on a percentage of the market value of the property.
To calculate the property tax, the assessed value is multiplied by the mill levy, which is a tax rate expressed in mills. One mill is equal to $1 for every $1,000 of assessed value.
For example, if a property in Larimer County has an assessed value of $250,000 and the mill levy is 100 mills, the property tax would be calculated as follows:
$250,000 รท 1,000 = 250 (the assessed value in thousands) 250 x 100 = 25,000 (the total tax amount in dollars)
So, the property owner would be responsible for paying $25,000 in property taxes for that year.
It's important to note that mill levies can vary depending on the location and specific taxing districts within Larimer County. Property owners can check with the Larimer County Assessor's Office or their local taxing authority for current mill levy rates.
If you want appeal your property tax assessment - contact your local tax assessor.
Larimer County Property Tax Rates
The following table lists the Larimer County Property Tax rates per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Property | $0.501 |
| School District | $1.383 |
| Special Districts | $0.690 |
| Total | $2.574 |
These rates apply to all properties located within Larimer County, and are subject to change annually based on the county's budgetary needs. It is important for property owners to stay informed of any changes in their property tax rates in order to effectively budget for future expenses.
Who sets property tax rates in Larimer County ?
Who sets property tax rates in Larimer County?
The Larimer County Board of County Commissioners sets property tax rates in the county. They are responsible for approving the county's annual budget, which includes setting the property tax rates for the year.
When are property tax rates set in Larimer County?
The property tax rates for Larimer County are set annually by the Board of County Commissioners during the budget approval process. This typically occurs in the fall, with tax bills sent out to property owners in January of the following year.
How are property tax rates determined in Larimer County?
The property tax rates in Larimer County are based on the assessed value of the property and the mill levy set by the Board of County Commissioners. The mill levy is a rate applied to the assessed value of the property to determine the amount of property tax owed.
The mill levy is calculated by dividing the total amount of revenue needed to fund the county's budget by the total assessed value of all taxable property in the county. The resulting rate is then applied to individual property assessments to determine the amount of property tax owed.
Overall, property tax rates in Larimer County are an important source of revenue for the county, helping to fund essential services such as schools, roads, and public safety.
Homestead exemptions in Larimer County ?
To help homeowners navigate the complex world of Homestead exemptions and deductions in Larimer County, Colorado, we have compiled a comprehensive list of all the county-specific options. This table includes four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Property Tax Exemption | Age 65+ and owned property for at least 10 years | Up to 50% of the first $200,000 of actual value | Must apply annually by July 15th |
| Disabled Veteran Exemption | Honorably discharged veterans with a disability rating of at least 10% | Up to 50% of the first $200,000 of actual value | Must apply annually by July 1st |
| Surviving Spouse Exemption | Spouses of service members killed in action or in the line of duty | Up to 100% of the first $250,000 of actual value | Must apply within 2 years of service member's death |
| Disabled Person Exemption | Individuals with a permanent disability that affects their ability to work | Up to 50% of the first $200,000 of actual value | Must apply annually by July 15th |
| Conservation Easement Deduction | Property owners who place a conservation easement on their property | Varies based on appraised value of the easement | Must be approved by the Larimer County Land Stewardship Program |
| Renewable Energy System Exemption | Property owners who install renewable energy systems such as solar panels | Up to 100% of the added value of the system | Must be approved by the Larimer County Assessor's Office |
It's important to note that these exemptions and deductions have specific eligibility requirements and application deadlines. Homeowners in Larimer County should carefully review the notes column and contact the appropriate county office for more information. By taking advantage of these options, homeowners can potentially save thousands of dollars on their property taxes each year.
When is Larimer County Property Tax due ?
Larimer County Property Tax is typically due on April 30th of each year. However, if the due date falls on a weekend or holiday, the payment will be due on the next business day.
There are several payment methods available for Larimer County Property Tax. These payment methods include:
| Payment Method | Description |
|---|---|
| Online Payment | Larimer County offers online payment options through their website. Payment can be made using a credit or debit card, or by electronic check. |
| Property tax payments can be mailed to the Larimer County Treasurer's Office. The payment must be postmarked by April 30th to avoid late fees. | |
| In Person | Payments can be made in person at the Larimer County Treasurer's Office. The office is located at 200 West Oak Street, Fort Collins, Colorado. |
It is important to note that late payments will result in late fees and penalties. Therefore, it is recommended that property owners make their payments before the due date to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Larimer County Property Tax penalty calculated ?
Larimer County Property Tax penalties are calculated based on a set formula that takes into account the amount owed, the due date, and the number of days past due. The penalty is assessed as a percentage of the total tax owed, and accrues on a daily basis until the tax is paid in full.
Here's an example. Let's say that John owns a property in Larimer County, and his total property taxes due for the year are $2,000. The due date for payment is April 30th, but John forgets to pay until August 1st.
To calculate the penalty, we first determine how many days past due John's payment is. In this case, he is 93 days past due (May 1st through August 1st is 93 days).
Next, we calculate the penalty rate. In Larimer County, the penalty rate is 1% per month, or 0.033% per day. To calculate the daily penalty rate for John's payment, we multiply the total tax owed ($2,000) by the penalty rate for each day past due (0.033%).
So for John's 93 days past due, the penalty would be calculated as follows:
$2,000 x 0.033% x 93 = $61.98
Therefore, the total amount John owes for his property taxes, including the penalty, is $2,061.98.
It's important to note that if John fails to pay his property taxes for an extended period of time, the county may initiate foreclosure proceedings. So it's crucial to stay on top of your property tax payments to avoid penalties and potential legal action.
We recommend contacting the Larimer County Tax Office or a local tax professional for the most up-to-date and accurate information.