Bailey, Colorado Property Taxes
The median property tax rate in Bailey, CO is 0.44%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Bailey at $386,478, the typical annual property tax bill reaches $1,700, significantly below the national median of $2,690. Property taxes in Bailey 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 Bailey'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 Bailey or another part of Park County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bailey, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Bailey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey 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 Bailey, Colorado
Property taxes in Bailey, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey is 0.44%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bailey set these rates annually, and they can vary across different neighborhoods. Each year, Bailey 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 Bailey's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 80421 has the highest median property tax rate of 0.44%, while the same zip code also has the lowest median tax rate of 0.44%. Understanding how these rates compare with Bailey provides valuable insights into the varying tax landscape across Park County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
0.44%
Average Park County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80421 | 0.35% | 0.44% | 0.44% | 0.44% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Bailey, Colorado
In Bailey, 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 Park County Appraisal District 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 Bailey, 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 Bailey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bailey, the zip code 80421 has the highest and lowest median tax bill at $1,700.
Average Bailey Assessed Value
$386,478
Average Park County Assessed Value
$344,823
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80421 | $209,951 | $302,438 | $386,478 | $468,746 | $578,265 |
Source: Ownwell
Property Tax Bills Across Bailey, Colorado
In Bailey, CO, located in Park County, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Bailey is $386,478. The property tax rate in the area is applied to this assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill in Bailey is $1,312, while the 75th percentile tax bill is $2,082, and the 90th percentile tax bill reaches $2,521. These figures indicate the range of property tax bills homeowners can expect, depending on their home's assessed value and specific circumstances. Factors influencing the tax bill include the market value of the property, assessment ratios, and applicable exemptions. Compared to the national median property tax rate of 0.99%, Bailey's property taxes can vary significantly. This variability impacts homeowners by affecting their annual financial obligations, potentially influencing decisions on homeownership and property investments in the area.
Average Bailey Tax Bill
$1,700
Average Park County Tax Bill
$1,504
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80421 | $903 | $1,312 | $1,700 | $2,082 | $2,521 |
Source: Ownwell