Nathrop, Colorado Property Taxes
The median property tax rate in Nathrop, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Nathrop at $403,775, the typical annual property tax bill amounts to $1,457, which is well below the national median of $2,690. Property taxes in Nathrop are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nathrop'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 Nathrop 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
Nathrop, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$1,494
Ownwell’s Nathrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nathrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nathrop 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 Nathrop, Colorado
Property taxes in Nathrop, Colorado, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Nathrop is 0.37%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Nathrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nathrop 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 Nathrop's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in some areas, reaching up to 0.99%, while other regions have lower rates. Understanding how these cities compare with Nathrop provides valuable insights into the varying tax landscape across Chaffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nathrop Tax Rate
0.37%
Average Chaffee County Tax Rate
0.36%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nathrop, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81236 | 0.31% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Nathrop, Colorado
In Nathrop, 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 Chaffee County Assessor 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 Nathrop, 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 Nathrop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Nathrop both stand at $1,457, in zip code 81236.
Average Nathrop Assessed Value
$403,775
Average Chaffee County Assessed Value
$418,760
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nathrop, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81236 | $56,768 | $239,354 | $403,775 | $579,364 | $733,836 |
Source: Ownwell
Property Tax Bills Across Nathrop, Colorado
Property tax bills in Nathrop, located in Chaffee County, CO, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment rate. In Colorado, residential properties are typically assessed at 7.15% of their market value. For instance, a home with a median market price of $403,775 would have an assessed value of approximately $28,852. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Tax rates can vary depending on specific local levies and district requirements. In Nathrop, the median property tax bill is $1,457, aligning with the highest and lowest median tax bills reported in the area. Homeowners in Nathrop can expect their property tax bills to fall between $910 at the 25th percentile and $2,636 at the 90th percentile, reflecting the variability based on property values and specific local tax rates. This variability can significantly impact household budgets, making it crucial for homeowners to understand their property's assessed value and applicable tax rates.
Average Nathrop Tax Bill
$1,457
Average Chaffee County Tax Bill
$1,497
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Nathrop, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81236 | $208 | $910 | $1,457 | $2,078 | $2,636 |
Source: Ownwell