Galeton, Colorado Property Taxes
The median property tax rate in Galeton, CO is 0.36%, considerably lower than both the national median of 0.99% and Colorado's state median of 0.55%. With the median home value in Galeton at $304,464, the typical annual property tax bill reaches $1,088, well below the national median of $2,690. Property taxes in Galeton 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 Galeton'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 Galeton 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
Galeton, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,096
Ownwell’s Galeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galeton 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 Galeton, Colorado
Property taxes in Galeton, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galeton is 0.36%, significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Galeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galeton 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 Galeton's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80003 has the highest median property tax rate of 1.19%, while zip code 81601 has the lowest median tax rate of 0.21%. Understanding how these cities compare with Galeton provides valuable insights into the varying tax landscape across Weld County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galeton Tax Rate
0.36%
Average Weld County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galeton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80622 | 0.26% | 0.30% | 0.36% | 0.45% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Galeton, Colorado
In Galeton, 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 Weld 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 Galeton, 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. For instance, the zip code with the highest median tax bill is 80622, with a median bill of $1088. Being aware of these valuation processes in Galeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galeton Assessed Value
$304,464
Average Weld County Assessed Value
$452,949
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galeton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80622 | $109,458 | $238,282 | $304,464 | $365,008 | $446,182 |
Source: Ownwell
Property Tax Bills Across Galeton, Colorado
In Galeton, CO, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $304,464. Homeowners can expect their property tax bill to fall within a range, influenced by various factors including property size, location, and improvements. For instance, the 25th percentile tax bill is $833, while the 75th percentile tax bill reaches $1483, and the 90th percentile is $1909. This means that most homeowners will see their tax bills within this spectrum. Comparatively, the national median property tax rate is 0.99%, and Galeton's rates can be seen as competitive within this context. The highest and lowest median tax bills in the area are both recorded at $1088 in the 80622 zip code, indicating a relatively stable tax environment. These tax bills significantly impact homeowners by influencing their annual housing costs, which can affect budgeting and financial planning.
Average Galeton Tax Bill
$1,088
Average Weld County Tax Bill
$2,133
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Galeton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80622 | $466 | $833 | $1,088 | $1,483 | $1,909 |
Source: Ownwell