Norwood, Montrose County, Colorado Property Taxes

Name: Property Tax Bills Across Norwood, Montrose County, Colorado
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Norwood, CO effective property tax rate: 0.35%, significantly lower than the national median of 1.02%, but lower than the Colorado state median of 0.55%.
Median Norwood, CO home value: $771,845
Median annual Norwood, CO tax bill: $2,677, $277 higher than the national median property tax bill of $2,400.

How are property taxes in Montrose calculated?

Property taxes in Norwood, CO are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Norwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Norwood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Norwood, Montrose County, Colorado Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.35%

Estimate Property Tax Bill

$2,701

$2,507

Ownwell’s Norwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Norwood with just two data points. By entering your property's estimated assessed value, our calculator applies Norwood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in 08085. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Norwood, Montrose County, Colorado

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

In Norwood, located in Montrose County, Colorado, the effective property tax rate is notably lower than the national median property tax rate of 1.02%. The median tax rate in Colorado is 0.35%, which is significantly below the national average. This can result in a lower property tax bill compared to other regions in the United States. Residents of Norwood benefit from this lower tax rate, which can lead to substantial savings over time. Comparing Norwood's effective property tax rate to other cities in Colorado and the U.S. highlights the potential for tax savings. Understanding these rates can help property owners make informed decisions and potentially appeal for further reductions or exemptions.

Property Tax Rates Across Norwood, Montrose County, Colorado

Source: Ownwell

0.35%

0.46%

0.57%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Norwood Tax Rate

0.35%

Median Effective Montrose County Tax Rate

0.49%

Median Effective Colorado Tax Rate

0.55%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Norwood, Montrose County, Colorado

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
81423	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Norwood, Montrose County, Colorado

When examining property taxes in Norwood, CO, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Montrose County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Montrose County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Norwood. For example, the median home price in Norwood is $771,845, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Norwood, Montrose County, Colorado

Source: Ownwell

$80,280

$306,130

$531,980

Median Norwood Market Value

$771,845

Median Montrose County Market Value

$398,340

Median Colorado Market Value

$405,540

Median United States Market Value

$235,294

Property Tax Assessment Values Across Norwood, Montrose County, Colorado

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
81423	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Norwood, Montrose County, Colorado

In Norwood, Montrose County, CO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the home's market value, which is influenced by factors such as location, property size, and home improvements. With a median home price of $771,845, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $2,367, while those in the 75th percentile face bills of approximately $2,986. At the 90th percentile, the tax bill can reach $3,172. These figures highlight the substantial financial impact property taxes can have on homeowners, especially when compared to the national median property tax bill of $2,400. Ownwell offers a valuable service by helping homeowners appeal their property assessments and secure eligible exemptions. By doing so, homeowners can potentially reduce their tax bills and alleviate some of the financial burden associated with property ownership in Norwood.

Property Tax Bills Across Norwood, Montrose County, Colorado

Source: Ownwell

$345

$1,475

$2,604

Median Norwood Tax Bill

$2,677

Median Montrose County Tax Bill

$1,943

Median Colorado Tax Bill

$2,283

Median United States Tax Bill

$2,400

Property Tax Bills Across Norwood, Montrose County, Colorado

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
81423	N/A	N/A	N/A	N/A	N/A

Source: Ownwell