Mc Coy, Colorado Property Taxes
The median property tax rate in MC COY, CO is 0.33%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $436,420 in MC COY, the typical annual property tax bill amounts to $1,757, which is below the national median of $2,690. Property taxes in MC COY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MC COY's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of MC COY 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
Mc Coy, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$1,440
Ownwell’s MC COY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC COY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC COY 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 Mc Coy, Colorado
Property taxes in Mc Coy, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Coy is 0.33%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Mc Coy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Coy 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 Mc Coy's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the region is found in another Colorado city, which stands at a much higher rate, while the lowest median tax rate in the state is also considerably different. Understanding how these cities compare with Mc Coy provides valuable insights into the varying tax landscape across Eagle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Coy Tax Rate
0.33%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Coy, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80463 | 0.33% | 0.33% | 0.33% | 0.33% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Mc Coy, Colorado
In Mc Coy, 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 Eagle 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 Mc Coy, 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 Mc Coy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mc Coy are both $1,757, found in the 80463 zip code.
Average Mc Coy Assessed Value
$436,420
Average Eagle County Assessed Value
$678,345
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Coy, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80463 | $35,481 | $234,972 | $436,420 | $733,640 | $1,104,731 |
Source: Ownwell
Property Tax Bills Across Mc Coy, Colorado
In McCoy, located in Eagle County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $436,420, homeowners can expect their property taxes to vary significantly. The tax bill at the 25th percentile is $790, while at the 75th percentile, it rises to $2,507. At the 90th percentile, it can reach up to $4,888. Several factors influence these variations, including the specific tax rate set by local authorities and any applicable exemptions or deductions. These property taxes are essential for funding community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, McCoy's property tax rates can be considered moderate to high, impacting homeowners' annual financial planning and overall cost of living.
Average Mc Coy Tax Bill
$1,757
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Coy, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80463 | $386 | $790 | $1,757 | $2,507 | $4,888 |
Source: Ownwell