Redvale, Colorado Property Taxes
The median property tax rate in Redvale, CO, is 0.35%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $303,200 in Redvale, the typical annual property tax bill is $1,155, well below the national median of $2,690. Property taxes in Redvale are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Redvale'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 Redvale or another part of Montrose County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Redvale, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$1,061
Ownwell’s Redvale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redvale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redvale 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 Redvale, Colorado
Property taxes in Redvale, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Redvale is 0.35%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Redvale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redvale 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 Redvale's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the county is 0.50%, while the lowest median tax rate is 0.25%. Understanding how these cities compare with Redvale provides valuable insights into the varying tax landscape across Montrose County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Redvale Tax Rate
0.35%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redvale, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81431 | 0.35% | 0.35% | 0.35% | 0.40% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Redvale, Colorado
In Redvale, 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 Montrose 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 Redvale, 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 Redvale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 81431, both at $1,155.
Average Redvale Assessed Value
$303,200
Average Montrose County Assessed Value
$398,340
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Redvale, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81431 | $68,910 | $169,890 | $303,200 | $515,270 | $784,970 |
Source: Ownwell
Property Tax Bills Across Redvale, Colorado
In Redvale, located in Montrose County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Redvale is $303,200. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies by jurisdiction. For homeowners in Redvale, tax bills can significantly differ; for instance, the 25th percentile tax bill is around $704, while the 75th percentile tax bill reaches approximately $1,917. At the 90th percentile, it can go up to $2,777. Factors influencing these tax bills include the home's market value, the local assessment rate, and any applicable exemptions or deductions. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Redvale's rates can have a notable impact on homeowners, affecting their overall cost of living and potentially influencing their decisions on property investments and home ownership.
Average Redvale Tax Bill
$1,155
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Redvale, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81431 | $258 | $704 | $1,155 | $1,917 | $2,777 |
Source: Ownwell