Lake George, Colorado Property Taxes
The median property tax rate in Lake George, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $264,240 in Lake George, the typical annual property tax bill is $977, well below the national median of $2,690. Property taxes in Lake George are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake George'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 Lake George or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake George, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Lake George Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake George with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake George 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 Lake George, Colorado
Property taxes in Lake George, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake George is 0.37%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Lake George set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake George 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 Lake George's effective property tax rate to other counties in Colorado and the national median. Understanding how these cities compare with Lake George 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 Lake George Tax Rate
0.37%
Average Park County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | 0.37% | 0.37% | 0.37% | 0.37% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Lake George, Colorado
In Lake George, 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 Appraisal District 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 Lake George, 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 Lake George 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 the area both stand at $977.00 in the 80827 zip code.
Average Lake George Assessed Value
$264,240
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 Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | $152,870 | $200,274 | $264,240 | $359,907 | $476,240 |
Source: Ownwell
Property Tax Bills Across Lake George, Colorado
In Lake George, CO, located in Park County, 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 Lake George is $264,240. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $724 and the 75th percentile reaching $1,343. The 90th percentile tax bill can go up to $1,808. These variations depend on factors such as property size, location, and any applicable exemptions. The assessed value is determined by the county assessor and is used to calculate the tax bill by applying the appropriate tax rate. The median property tax rate in Lake George is comparable to the national median of 0.99%. For homeowners, understanding these factors is crucial as they directly impact the annual property tax bill. Managing and predicting these expenses can significantly affect household budgeting and long-term financial planning.
Average Lake George Tax Bill
$977
Average Park County Tax Bill
$1,504
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake George, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80827 | $516 | $724 | $977 | $1,343 | $1,808 |
Source: Ownwell