Lake George, Colorado Property Taxes
The median property tax rate in Lake George, CO is 0.39%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Lake George at $283,009, the typical annual property tax bill reaches $966, well below the national median of $2,690. Property taxes in Lake George 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 Lake George'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 Lake George 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
Lake George, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$1,104
-$11,567
Ownwell’s Lake George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake George 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 Lake George, Colorado
Property taxes in Lake George, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake George is 0.39%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Lake George set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake George 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 Lake George's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the area is 0.39%, while the lowest median tax rate is also 0.39%. Understanding how these rates compare with Lake George provides valuable insights into the varying tax landscape across Teller County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake George Tax Rate
0.39%
Average Teller County Tax Rate
0.39%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | 0.26% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Lake George, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake George, 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 Teller 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 Lake George, 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. For example, the median home price in Lake George is $283,009, with tax bills ranging from $546 at the 25th percentile to $1,676 at the 90th percentile. The highest median tax bill in the area is $966, found in the 80827 zip code, which also has the lowest median 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 Lake George helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake George Assessed Value
$283,009
Average Teller County Assessed Value
$324,386
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | $45,091 | $176,930 | $283,009 | $351,090 | $450,001 |
Source: Ownwell
Property Tax Bills Across Lake George, Colorado
In Lake George, CO, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Lake George is $283,009. The local tax rate is applied to this assessed value to determine your annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Lake George can expect tax bills to vary significantly. For instance, those in the 25th percentile pay around $546 annually, while those in the 75th percentile face bills of approximately $1,378. At the 90th percentile, tax bills can reach up to $1,676. The highest and lowest median tax bills in the area are both recorded at $966 in the zip code 80827, reflecting some consistency in tax rates across the region. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Lake George Tax Bill
$966
Average Teller County Tax Bill
$1,276
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | $168 | $546 | $966 | $1,378 | $1,676 |
Source: Ownwell