Granite, Colorado Property Taxes
The median property tax rate in Granite, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $152,071 in Granite, the typical annual property tax bill is $571, which is well below the national median of $2,690. Property taxes in Granite are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Granite'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 Granite 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
Granite, 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 Granite Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Granite. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Granite to provide an accurate estimate of your property tax bill. This powerful tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Granite, Colorado
Property taxes in Granite, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite is 0.37%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Granite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite 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 Granite's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the region is found in zip code 08015 with a rate of 0.37%, while the lowest median tax rate is also 0.37%. Understanding how these cities compare with Granite provides valuable insights into the varying tax landscape across Chaffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granite Tax Rate
0.37%
Average Chaffee County Tax Rate
0.36%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Granite, Colorado
In Granite, 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 Chaffee 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 Granite, 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 Granite helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 81228 has the highest and lowest median tax bill at $571, offering a clear snapshot of property tax variations in the area.
Average Granite Assessed Value
$152,071
Average Chaffee County Assessed Value
$418,760
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $52,310 | $87,454 | $152,071 | $318,878 | $468,540 |
Source: Ownwell
Property Tax Bills Across Granite, Colorado
Property tax bills in Granite, located in Chaffee County, Colorado, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Granite is $152,071. Tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, local tax rates, and applicable exemptions. In Granite, the tax bill varies significantly. Homeowners at the 25th percentile pay around $346 annually, while those at the 75th percentile face a tax bill of approximately $1,199. The top 10% of taxpayers see their bills reach up to $1,944. These figures highlight the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Granite's property tax rates are notably varied, impacting homeowners differently based on their property values. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Granite Tax Bill
$571
Average Chaffee County Tax Bill
$1,497
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $270 | $346 | $571 | $1,199 | $1,944 |
Source: Ownwell