Aspen, Colorado Property Taxes
The median property tax rate in Aspen, CO is 0.25%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Aspen at $2,056,400, the typical annual property tax bill reaches $5,578, which surpasses the national median of $2,690. Property taxes in Aspen 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 Aspen'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 Aspen 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
Aspen, 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 Aspen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aspen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aspen 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 Aspen, Colorado
Property taxes in Aspen, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Aspen is 0.25%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Aspen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aspen 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. Understanding how Aspen's effective property tax rate compares to other regions in Colorado and the national median provides valuable insights into the varying tax landscape across Pitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aspen Tax Rate
0.25%
Average Pitkin County Tax Rate
0.26%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aspen, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81611 | 0.22% | 0.25% | 0.25% | 0.25% | 0.35% |
| 81612 | 0.22% | 0.22% | 0.22% | 0.39% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Aspen, Colorado
In Aspen, 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 Pitkin 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. 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. For instance, the highest median tax bill in Aspen is $16,942 in the 81612 zip code, while the lowest median tax bill is $5,351 in the 81611 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Aspen Assessed Value
$2,056,400
Average Pitkin County Assessed Value
$1,237,200
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aspen, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81611 | $217,010 | $630,425 | $1,997,550 | $5,167,275 | $9,978,730 |
| 81612 | $324,500 | $1,226,100 | $7,584,100 | $14,180,600 | $22,011,920 |
Source: Ownwell
Property Tax Bills Across Aspen, Colorado
In Aspen, 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 Aspen stands at $2,056,400. Tax authorities in Pitkin County assess properties to determine their taxable value and apply the local tax rate to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value. The tax bills in Aspen vary significantly. For instance, the 25th percentile tax bill is $1,803, while the 75th percentile reaches $14,502. The 90th percentile tax bill soars to $28,382, displaying a wide range of potential costs for homeowners. Notably, the highest median tax bill in the area is $16,942 in the 81612 zip code, whereas the lowest median tax bill is $5,351 in the 81611 zip code. These variations can significantly impact homeowners, influencing their annual financial planning and housing affordability.
Average Aspen Tax Bill
$5,578
Average Pitkin County Tax Bill
$4,527
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Aspen, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81611 | $549 | $1,706 | $5,351 | $13,710 | $26,926 |
| 81612 | $2,245 | $5,643 | $16,942 | $31,201 | $48,431 |
Source: Ownwell