Ridgway, Colorado Property Taxes
The median property tax rate in Ridgway, CO is 0.40%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Ridgway at $847,320, the typical annual property tax bill reaches $3,517, which is higher than the national median of $2,690. Property taxes in Ridgway are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ridgway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ridgway or another part of Ouray County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ridgway, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$3,389
Ownwell’s Ridgway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgway 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 Ridgway, Colorado
Property taxes in Ridgway, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgway is 0.40%, significantly lower than the U.S. national median of 0.99%. Local government entities within Ridgway set these rates annually, and they can vary across different neighborhoods. Each year, Ridgway 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 Ridgway's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81432 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Ridgway provides valuable insights into the varying tax landscape across Ouray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgway Tax Rate
0.40%
Average Ouray County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgway, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81432 | 0.38% | 0.38% | 0.40% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Ridgway, Colorado
In Ridgway, 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 Ouray 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 Ridgway, 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 Ridgway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ridgway is $847,320, with the highest and lowest median tax bills both being $3,517 in the 81432 zip code.
Average Ridgway Assessed Value
$847,320
Average Ouray County Assessed Value
$723,215
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgway, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81432 | $371,320 | $586,605 | $847,320 | $1,169,828 | $1,587,038 |
Source: Ownwell
Property Tax Bills Across Ridgway, Colorado
In Ridgway, located in Ouray County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. Local tax rates are then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $847,320, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Ridgway see tax bills ranging from the 25th percentile at $2,325 to the 90th percentile at $6,434. The highest median tax bill recorded in the area is $3,517. These local property tax rates can significantly impact homeowners, often translating into substantial annual costs. Compared to the national median property tax rate of 0.99%, Ridgway's tax implications can vary, reflecting the unique valuation and taxation practices of the region. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Ridgway Tax Bill
$3,517
Average Ouray County Tax Bill
$2,936
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgway, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81432 | $1,603 | $2,325 | $3,517 | $4,846 | $6,434 |
Source: Ownwell