Wolcott, Colorado Property Taxes
The median property tax rate in Wolcott, CO is 0.53%, which is notably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $1,242,950, the typical annual property tax bill in Wolcott amounts to $5,816, surpassing the national median of $2,690. Property taxes in Wolcott are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Wolcott's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're residing in the heart of Wolcott or another part of the city, being well-informed about the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Wolcott, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$6,588
Ownwell’s Wolcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolcott 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 Wolcott, Colorado
Property taxes in Wolcott, Colorado, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolcott is 0.53%, lower than the U.S. national median of 0.99%. Local government entities within Wolcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolcott 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 Wolcott's effective property tax rate to other areas in Colorado and the national median. For comparison, the 81655 zip code has the same median property tax rate of 0.53%. Understanding how these areas compare with Wolcott provides valuable insights into the varying tax landscape across Eagle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wolcott Tax Rate
0.53%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolcott, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81655 | 0.40% | 0.41% | 0.53% | 0.53% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Wolcott, Colorado
In Wolcott, 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 Eagle 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 Wolcott, 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 median home price in Wolcott is $1,242,950, with tax bills ranging from $3,935 at the 25th percentile to $22,015 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wolcott Assessed Value
$1,242,950
Average Eagle County Assessed Value
$678,345
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wolcott, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81655 | $433,170 | $769,170 | $1,242,950 | $1,951,000 | $3,201,190 |
Source: Ownwell
Property Tax Bills Across Wolcott, Colorado
In Wolcott, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and in Eagle County, this percentage is applied uniformly. Homeowners in Wolcott experience a range of property tax bills, with the 25th percentile paying around $3,935, while those in the 75th percentile face bills closer to $10,613. For the top 10% of homeowners, tax bills can reach up to $22,015. These tax bills are influenced by various factors, including the property's location, size, and improvements. Comparing this to the national median property tax rate of 0.99%, Wolcott's property tax rates can significantly impact homeowners, especially those with higher-valued properties. The highest and lowest median tax bills in the area are both $5,816, indicating a level of consistency within the region. Homeowners must consider these factors when budgeting for annual expenses, as property taxes represent a substantial financial commitment.
Average Wolcott Tax Bill
$5,816
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolcott, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81655 | $2,180 | $3,935 | $5,816 | $10,613 | $22,015 |
Source: Ownwell