Fairplay, Colorado Property Taxes
The median property tax rate in Fairplay, CO is 0.44%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Fairplay, the typical annual property tax bill reaches $1,637, significantly below the national median of $2,690. Property taxes in Fairplay 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 Fairplay'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 Fairplay or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairplay, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,601
Ownwell’s Fairplay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairplay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairplay 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 Fairplay, Colorado
Property taxes in Fairplay, Colorado, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairplay is 0.44%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Fairplay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairplay 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 Fairplay's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80449 zip code has the highest median property tax rate of 0.44%, while the 80440 zip code has the lowest median tax rate of 0.44%. Understanding how these areas compare with Fairplay provides valuable insights into the varying tax landscape across Park County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairplay Tax Rate
0.44%
Average Park County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairplay, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80440 | 0.44% | 0.44% | 0.44% | 0.44% | 0.53% |
| 80449 | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Fairplay, Colorado
In Fairplay, 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 Park County Assessor's Office 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. Assessment notices in Fairplay 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 Fairplay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Fairplay is $1,637 in the 80440 zip code, while the lowest is $1,150 in the 80449 zip code.
Average Fairplay Assessed Value
$363,930
Average Park County Assessed Value
$344,823
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairplay, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80440 | $164,457 | $268,248 | $363,950 | $460,118 | $565,758 |
| 80449 | $140,403 | $184,744 | $258,647 | $332,550 | $376,891 |
Source: Ownwell
Property Tax Bills Across Fairplay, Colorado
In Fairplay, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Park County, the median home price is $363,930. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property’s location and any applicable exemptions can influence the final amount. Homeowners in Fairplay can expect property tax bills to vary significantly. The tax bill at the 25th percentile is $1,239, while at the 75th percentile, it reaches $2,056. For those in the 90th percentile, the tax bill can be as high as $2,540. The highest median tax bill in the area is $1,637 in the 80440 zip code, whereas the lowest is $1,150 in the 80449 zip code. Compared to the national median property tax rate of 0.99%, Fairplay's tax rates can have a considerable impact on homeowners, influencing their overall housing costs and financial planning.
Average Fairplay Tax Bill
$1,637
Average Park County Tax Bill
$1,504
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairplay, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80440 | $733 | $1,239 | $1,637 | $2,056 | $2,540 |
| 80449 | $625 | $822 | $1,150 | $1,479 | $1,676 |
Source: Ownwell