Karval, Colorado Property Taxes
The median property tax rate in Karval, CO is 0.49%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Karval at $64,047, the typical annual property tax bill is $313, which is well below the national median of $2,690. Property taxes in Karval 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 Karval'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 Karval or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Karval, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$314
Ownwell’s Karval Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Karval with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Karval 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 Karval, Colorado
Property taxes in Karval, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Karval is 0.49%, which is lower than the Colorado state median and the U.S. national median of 0.99%. Local government entities within Karval set these rates annually, and they can vary significantly across different neighborhoods. Each year, Karval 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 Karval's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80823 zip code has the highest median property tax rate of 0.49%, while the 80823 zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Karval provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Karval Tax Rate
0.49%
Average Lincoln County Tax Rate
0.60%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Karval, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80823 | 0.48% | 0.49% | 0.49% | 0.62% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Karval, Colorado
In Karval, 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 Lincoln 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 Karval, 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 Karval helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 80823 has both the highest and lowest median tax bill at $313, illustrating the uniformity in tax assessments within the area.
Average Karval Assessed Value
$64,047
Average Lincoln County Assessed Value
$108,229
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Karval, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80823 | $6,448 | $23,864 | $64,047 | $121,876 | $191,927 |
Source: Ownwell
Property Tax Bills Across Karval, Colorado
In Karval, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For instance, with a median home price of $64,047, the tax bill varies significantly. Homeowners in the 25th percentile pay around $126, while those in the 75th percentile face bills closer to $686. The highest tax bills, found in the 90th percentile, can reach up to $1,217. Several factors influence these tax bills, including property location, improvements, and local tax rates. For Karval residents, the median tax bill stands at $313, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services and infrastructure may receive less funding. Understanding these dynamics helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Karval Tax Bill
$313
Average Lincoln County Tax Bill
$650
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Karval, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80823 | $40 | $126 | $313 | $686 | $1,217 |
Source: Ownwell