Steamboat Springs, Colorado Property Taxes
The median property tax rate in Steamboat Springs, CO is 0.38%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Steamboat Springs at $599,520, the typical annual property tax bill amounts to $2,421, which is below the national median of $2,690. Property taxes in Steamboat Springs are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Steamboat Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Steamboat Springs or another part of Routt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Steamboat Springs, 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 Steamboat Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steamboat Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steamboat Springs 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 Steamboat Springs, Colorado
Property taxes in Steamboat Springs, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steamboat Springs is 0.38%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Steamboat Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steamboat Springs 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 Steamboat Springs' effective property tax rate to other areas in Colorado and the national median. For comparison, the 80488 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these areas compare with Steamboat Springs provides valuable insights into the varying tax landscape across Routt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Steamboat Springs Tax Rate
0.38%
Average Routt County Tax Rate
0.38%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steamboat Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80477 | 0.38% | 0.38% | 0.38% | 0.45% | 0.59% |
| 80487 | 0.38% | 0.38% | 0.38% | 0.38% | 0.47% |
| 80488 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Steamboat Springs, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Steamboat Springs, Colorado. 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 Routt 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 Steamboat Springs, 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 Steamboat Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Steamboat Springs is $4,089 in zip code 80488, while the lowest median tax bill is $1,829 in zip code 80477.
Property Tax Assessment Values Across Steamboat Springs, Colorado
Source: Ownwell
$202,830
$612,250
$1,021,670
Average Steamboat Springs Assessed Value
$599,520
Average Routt County Assessed Value
$507,780
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Steamboat Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80477 | $53,940 | $174,398 | $476,720 | $867,375 | $1,240,200 |
| 80487 | $245,370 | $383,965 | $599,520 | $970,480 | $1,639,914 |
| 80488 | $75,760 | $189,325 | $378,600 | $567,875 | $681,440 |
Source: Ownwell
Property Tax Bills Across Steamboat Springs, Colorado
Property tax bills in Steamboat Springs, Routt County, CO, are calculated based on the assessed value of a property, which is determined by the Routt County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Steamboat Springs is $599,520, and with a property tax rate of 0.99%, homeowners can expect a median tax bill around $5,935. Factors such as property location, improvements, and market conditions influence the assessed value. For instance, the 25th percentile tax bill is approximately $1,515, while the 75th percentile reaches up to $3,981. At the higher end, the 90th percentile tax bill can be as much as $6,742. The highest median tax bill in the area is $4,089 in the 80488 zip code, whereas the lowest is $1,829 in the 80477 zip code. These variations in tax bills directly impact homeowners' annual expenses, making property taxes a significant consideration for residents.
Average Steamboat Springs Tax Bill
$2,421
Average Routt County Tax Bill
$2,259
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Steamboat Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80477 | $207 | $1,313 | $1,829 | $3,743 | $6,370 |
| 80487 | $980 | $1,515 | $2,422 | $3,982 | $6,739 |
| 80488 | $4,089 | $4,089 | $4,089 | $4,089 | $4,089 |
Source: Ownwell