Colorado Springs First-year Property Taxes (Monument: for sale, homeowners insurance, condo)

[jonwb]

Hello… I’m 63 and my wife is 60. I’m nearing retirement and my wife gets disability for spinal stenosis, though she’s still active. We’re thinking about relocating to the North Colorado Springs area next year. I wanted to get a handle on what Property taxes would look like as first time home buyers. I understand Colorado’s “assessed value” calculation and rate, but I’m not sure how it would apply to the sold price of the home vs its actual value. For example, let’s say we paid $550k for a property in a normal subdivision of Northgate or Briargate. Could someone give us a ballpark figure as to what the first year taxes might be?

Also, any other tax that might be levied that we're unaware of?

Really appreciate your time

[bluescreen73]

Effective property tax rates can vary significantly literally over a span of a few feet. If you want a really more precise estimate you'll need to zero in on specific location.

Newer neighborhoods built within the last 20 years or so will likely be covered by special tax entities called Metro Districts (some folks know them as MUDs). The Metro District takes out bonds to cover infrastructure construction and spreads that repayment over homeowners in the district over a period of several years.

If you're in an older neighborhood without a Metro District, your property taxes could be 40-50% lower than a similarly-priced house in a newer neighborhood.

[jonwb]

Originally Posted by bluescreen73

Effective property tax rates can vary significantly literally over a span of a few feet. If you want a really more precise estimate you'll need to zero in on specific location.

Newer neighborhoods built within the last 20 years or so will likely be covered by special tax entities called Metro Districts (some folks know them as MUDs). The Metro District takes out bonds to cover infrastructure construction and spreads that repayment over homeowners in the district over a period of several years.

If you're in an older neighborhood without a Metro District, your property taxes could be 40-50% lower than a similarly-priced house in a newer neighborhood.

Good information, thanks. We're favoring older homes (pre 2005) that are well-built and have good neighborhood tree development. Single story properties with full basements are hard to find but they're out there.

[bluescreen73]

Originally Posted by jonwb

Good information, thanks. We're favoring older homes (pre 2005) that are well-built and have good neighborhood tree development. Single story properties with full basements are hard to find but they're out there.

You're welcome. When you're looking at neighborhoods, you can put the street address in the county assessor's website, and that will give you a breakdown of all the tax components for the property.

El Paso County Property Search

Here's a rando property I picked.
https://property.spatialest.com/co/e...rty/6130308008



Notice the last line with the huge mill levy (Triview Metropolitan). That's a Metro District. https://triviewmetro.com/

[jonwb]

You picked a beautiful home! Thanks for the link. That Triview Metro District levy added a lot to the tax entity. The home is 23 yrs old and it still fell under that levy... wow! Not looking at Monument, CO but that link gives me an idea what to expect. I'll have to research recently "sold" homes in the areas we're looking at and hopefully get some info on their tax bills.

This gives me a lot to go on. Thanks again

[YoYoSpin]

Historical info, including property taxes, is usually available on Zillow. Just pick an address, search for it on Zillow.com and then scroll down the page until you see "Price and tax history"...it's all there for just about any home in the country, whether it's listed for sale or not.

[jonwb]

Originally Posted by YoYoSpin

Historical info, including property taxes, is usually available on Zillow. Just pick an address, search for it on Zillow.com and then scroll down the page until you see "Price and tax history"...it's all there for just about any home in the country, whether it's listed for sale or not.

Yes thanks, have done that. Unfortunately Zillow just has the recent tax information, not the "new sale" info which is what I'd be looking at. The home that "bluescreen" chose had a tax bill of $2918 before the sale. Now, with the upcoming new assessment, I assume they'll go up by at least a 1/3 (to $3900).

[wilberry]

https://www.cbsnews.com/colorado/new...fold-increase/

FYI

[wilberry]

https://www.cbsnews.com/colorado/new...fold-increase/

[jonwb]

Originally Posted by wilberry

https://www.cbsnews.com/colorado/new...fold-increase/

FYI

Yes! Saw that! Though I'm looking into Property taxes, it looks like Colorado is going to be hit with higher Homeowners Insurance premiums now. I'm hoping it doesn't include Car insurance, but I wouldn't be surprised.