Twin Lakes, Colorado Property Taxes
The median property tax rate in Twin Lakes, CO is 0.39%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $657,866 in Twin Lakes, the typical annual property tax bill is $2,546, which is below the national median of $2,690. Property taxes in Twin Lakes are calculated based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Twin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Twin Lakes or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Lakes, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$2,566
Ownwell's Twin Lakes Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Twin Lakes with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Twin Lakes to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, making it easier to plan your finances. For those curious about neighborhood trends, additional localized information is available further down the page. Your property's assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Twin Lakes, Colorado
Property taxes in Twin Lakes, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Lakes is 0.39%, which is significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Twin Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Lakes 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 Twin Lakes' effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code with the highest median property tax rate in Colorado has a rate of 0.66%, while the one with the lowest median tax rate is 0.21%. Understanding how these cities compare with Twin Lakes 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 Twin Lakes Tax Rate
0.39%
Average Chaffee County Tax Rate
0.36%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81251 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Twin Lakes, Colorado
In Twin Lakes, 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's Office 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 Twin Lakes, 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 Twin Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,546 in the 81251 zip code, reflecting a consistent property tax landscape across the area.
Average Twin Lakes Assessed Value
$657,866
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 Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81251 | $657,866 | $657,866 | $657,866 | $657,866 | $657,866 |
Source: Ownwell
Property Tax Bills Across Twin Lakes, Colorado
In Twin Lakes, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For example, in Chaffee County, the median home price is $657,866. Homeowners in Twin Lakes can expect a median property tax bill of approximately $2,546, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions or deductions. This tax bill directly impacts homeowners by contributing to local services such as schools, public safety, and infrastructure. While the tax rate in Twin Lakes appears relatively consistent, with the 25th, 75th, and 90th percentiles all at $2,546, it provides a predictable financial obligation for residents. Consequently, understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Twin Lakes Tax Bill
$2,546
Average Chaffee County Tax Bill
$1,497
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81251 | $2,546 | $2,546 | $2,546 | $2,546 | $2,546 |
Source: Ownwell