Vail, Colorado Property Taxes
The median property tax rate in Vail, CO is 0.36%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Vail at $1,091,175, the typical annual property tax bill reaches $3,894, which is higher than the national median of $2,690. Property taxes in Vail 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 Vail'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 Vail 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
Vail, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$3,928
Ownwell’s Vail Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vail with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vail 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 Vail, Colorado
Property taxes in Vail, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vail is 0.36%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Vail set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vail 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. Understanding how these cities compare with Vail 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 Vail Tax Rate
0.36%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vail, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81657 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Vail, Colorado
In Vail, 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 Vail, 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. The median home price in Vail is $1,091,175, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $2,025, while the 75th percentile tax bill is $7,868, and the 90th percentile tax bill reaches $15,234. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vail Assessed Value
$1,091,175
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 Vail, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81657 | $379,997 | $567,582 | $1,091,175 | $2,164,692 | $4,088,827 |
Source: Ownwell
Property Tax Bills Across Vail, Colorado
Property tax bills in Vail, located in Eagle County, CO, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $1,091,175 in Vail, the property tax rate is applied to this assessed value to determine the tax bill. The tax rate in this region is influenced by local budgets and the needs of public services such as schools, infrastructure, and emergency services. Homeowners in Vail can expect a wide range of property tax bills. The 25th percentile tax bill is around $2,025, while the 75th percentile tax bill is approximately $7,868. At the higher end, the 90th percentile tax bill can reach up to $15,234. These variations are due to differences in property values and specific local tax levies. Comparatively, the highest median tax bill in the area is $3,894. Understanding these factors helps homeowners anticipate their annual property tax liabilities and manage their finances accordingly.
Average Vail Tax Bill
$3,894
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Vail, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81657 | $1,346 | $2,025 | $3,894 | $7,868 | $15,234 |
Source: Ownwell