Example of Montezuma County Property Tax Calculation
Montezuma County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is equal to the property's market value multiplied by the assessment rate, which is currently set at 7.2% in Montezuma County.
For example, if a property in Montezuma County has a market value of $200,000, the assessed value would be $14,400 ($200,000 x 0.072).
Once the assessed value has been determined, the county applies the applicable mill levy to calculate the property tax owed. A mill is equivalent to $1 for every $1,000 of assessed value.
As an example, if the property in Montezuma County has an assessed value of $14,400 and the applicable mill levy is 100, the property tax owed would be $1,440 ($14,400 รท 1,000 x 100).
It's important to note that property tax rates and assessment rates can vary by county and can change from year to year. Property owners in Montezuma County can check with the county assessor's office for current rates and information on how their property taxes are calculated.
If you want appeal your property tax assessment - contact your local tax assessor.
Montezuma County Property Tax Rates
The following table lists the Montezuma County Property Tax rates per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County General Fund | $0.557 |
| Road and Bridge Fund | $0.355 |
| Emergency Medical Services | $0.420 |
| Fire Protection Fund | $0.337 |
| Library District | $0.150 |
| Cortez Hospital District | $1.071 |
| Lewis-Arriola Fire Protection District | $2.000 |
| Mancos Rural Fire Protection District | $1.500 |
Note: These rates are subject to change and may vary depending on the property location and its classification. It is recommended to consult with a tax professional for accurate and up-to-date information.
Who sets property tax rates in Montezuma County ?
Who sets property tax rates in Montezuma County? The Montezuma County Board of County Commissioners sets the annual property tax rates for the county.
When are property tax rates set in Montezuma County? The property tax rates are set annually during the budget process, typically in the fall. The rates are then applied to the assessed value of each property and collected by the county treasurer the following year.
Here is a table summarizing the information:
| Question | Answer |
|---|---|
| Who sets property tax rates | Montezuma County Board of County Commissioners |
| When are property tax rates set | Annually during the fall budget process |
| How are property tax rates applied | Rates are applied to each property's assessed value and collected by the county treasurer the following year |
Overall, property owners in Montezuma County can expect their tax rates to be set by the county commissioners each year during the budget process.
Homestead exemptions in Montezuma County ?
To help Montezuma County residents understand their Homestead exemptions and deductions, here is a table with columns for exemption, eligibility, amount, and notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Homestead Exemption | 65 years or older | Up to 50% of the first $200,000 in actual value | Must have owned and occupied the property for at least 10 consecutive years |
| Disabled Veteran Homestead Exemption | Disabled veteran or unremarried widow/widower | Up to 50% of the first $200,000 in actual value | Must have owned and occupied the property for at least 1 year |
| Veterans' Exemption | Honorably discharged veteran or unremarried widow/widower | Up to $4,000 in actual value | Applies to residence and up to one acre of land |
| Agricultural Land Exemption | Owner of land used for agriculture | Up to 50% of the first $200,000 in actual value | Must have been used for agriculture for at least 5 years |
| Renewable Energy System Exemption | Owner of residential property with renewable energy system | Up to 100% of the increase in actual value due to the system | Applies to solar, wind, and hydroelectric systems |
It's important to note that these exemptions and deductions are specific to Montezuma County in Colorado. Individuals should check with their local county assessor's office for specific details and eligibility requirements. By understanding these Homestead exemptions and deductions, Montezuma County residents can potentially save on their property taxes.
When is Montezuma County Property Tax due ?
Montezuma County Property Tax typically becomes due on April 30th of each year. However, there is a grace period until June 15th, during which the payment can be made without incurring any penalties or interest charges.
Here are the available payment methods for Montezuma County Property Tax:
| Payment Method | Details |
|---|---|
| Online | Payments can be made online using a debit or credit card through the Montezuma County Treasurer's website. A convenience fee will be charged for using this method. |
| Payments can be mailed to the Montezuma County Treasurer's Office. The mailing address can be found on the tax statement. | |
| In-person | Payments can be made in-person at the Montezuma County Treasurer's Office during business hours. Cash, check, or money order are accepted. |
It is important to note that if the property tax remains unpaid after June 15th, interest and penalties will start accruing until the payment is made. Therefore, it is highly recommended to pay the property tax on time to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Montezuma County Property Tax penalty calculated ?
Montezuma County Property Tax Penalty Calculation
The Montezuma County Property Tax penalty is calculated by adding a percentage to the unpaid tax amount after the due date. This penalty is assessed to encourage timely payment of property taxes and ensure the government receives the necessary funds for public services.
To calculate the penalty, follow these steps:
-
Determine the unpaid tax amount: This is the amount of property tax that was due but not paid by the due date.
-
Find the penalty percentage: The penalty percentage varies depending on the time elapsed since the due date. Montezuma County uses the following penalty schedule:
- For payments made up to 30 days late, the penalty is 1% of the unpaid tax amount.
- For payments made 31 to 60 days late, the penalty is 2% of the unpaid tax amount.
- For payments made 61 to 90 days late, the penalty is 3% of the unpaid tax amount.
- For payments made 91 to 120 days late, the penalty is 4% of the unpaid tax amount.
- For payments made 121 to 150 days late, the penalty is 5% of the unpaid tax amount.
- For payments made more than 150 days late, the penalty is 10% of the unpaid tax amount.
-
Calculate the penalty amount: Multiply the unpaid tax amount by the penalty percentage. For example, if the unpaid tax amount is $1,000 and the payment is 30 days late, the penalty amount would be $10 (1% of $1,000).
-
Add the penalty amount to the unpaid tax amount: The total amount due is the sum of the unpaid tax amount and penalty amount. In the example above, the total amount due would be $1,010.
In summary, the Montezuma County Property Tax penalty is calculated based on the unpaid tax amount and the time elapsed since the due date. It is important to pay property taxes on time to avoid penalties and ensure that public services are properly funded.
We recommend contacting the Montezuma County Tax Office or a local tax professional for the most up-to-date and accurate information.