Parachute, Colorado Property Taxes
The median property tax rate in Parachute, CO is 0.21%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $473,370 in Parachute, the typical annual property tax bill is $828, which is well below the national median of $2,690. Property taxes in Parachute are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Parachute's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you reside in the heart of Parachute or another part of Mesa County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parachute, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.21%
Estimate Property Tax Bill
$994
Ownwell’s Parachute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parachute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parachute 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 Parachute, Colorado
Property taxes in Parachute, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parachute is 0.21%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Parachute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parachute 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 Parachute's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in some areas, while other locations have the lowest median tax rate. Understanding how these cities compare with Parachute provides valuable insights into the varying tax landscape across Mesa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parachute Tax Rate
0.21%
Average Mesa County Tax Rate
0.50%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81635 | 0.17% | 0.18% | 0.21% | 0.22% | 0.22% |
Source: Ownwell
Property Tax Assessment Values Across Parachute, Colorado
In Parachute, 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 Mesa 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 Parachute, 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 Parachute helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Parachute are both $828, found in zip code 81635.
Average Parachute Assessed Value
$473,370
Average Mesa County Assessed Value
$241,920
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81635 | $166,790 | $282,945 | $473,370 | $513,225 | $599,565 |
Source: Ownwell
Property Tax Bills Across Parachute, Colorado
In Parachute, 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 market value of the property. For instance, with a median home price of $473,370 in Parachute, a homeowner's tax bill can vary significantly. Factors such as location, property size, and improvements can influence the assessed value. The tax rate in Parachute is applied to the assessed value to determine the tax bill. In Mesa County, where Parachute is located, the median tax bill is $828, which is lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect to pay around $572, while those in the 75th percentile might see bills as high as $965. For those in the 90th percentile, tax bills can reach up to $1,242. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Parachute Tax Bill
$828
Average Mesa County Tax Bill
$1,213
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81635 | $370 | $572 | $828 | $965 | $1,242 |
Source: Ownwell