Keystone, Colorado Property Taxes
The median property tax rate in Keystone, CO is 0.40%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Keystone at $459,600, the typical annual property tax bill amounts to $1,825, which is well below the national median of $2,690. Property taxes in Keystone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Keystone'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 Keystone 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
Keystone, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,838
Ownwell’s Keystone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keystone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keystone 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 Keystone, Colorado
Property taxes in Keystone, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keystone is 0.40%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Keystone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keystone 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 Keystone'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 ZIP code 80002, with a rate of 0.72%, while ZIP code 80003 has the lowest median tax rate of 0.32%. Understanding how these cities compare with Keystone provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keystone Tax Rate
0.40%
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keystone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Keystone, Colorado
In Keystone, 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 Summit 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 Keystone, 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. The median home price in Keystone is $459,600, with the 25th percentile tax bill at $1,413 and the 75th percentile tax bill at $2,179. The highest and lowest median tax bills are both $1,825 in the 80435 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keystone Assessed Value
$459,600
Average Summit County Assessed Value
$629,250
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keystone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | $302,350 | $355,700 | $459,600 | $548,600 | $605,900 |
Source: Ownwell
Property Tax Bills Across Keystone, Colorado
In Keystone, located in Summit County, CO, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The median home price in the area stands at $459,600. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby affecting the tax amount. Homeowners in Keystone typically see tax bills ranging from $1,413 at the 25th percentile to $2,406 at the 90th percentile. The highest median tax bill recorded in the area is $1,825, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their tax liabilities and manage their finances effectively.
Average Keystone Tax Bill
$1,825
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Keystone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80435 | $1,201 | $1,413 | $1,825 | $2,179 | $2,406 |
Source: Ownwell