Basalt, Colorado Property Taxes
The median property tax rate in Basalt, CO is 0.65%, which is higher than the state median of 0.55% but still below the national median of 0.99%. With a median home value of $662,900 in Basalt, the typical annual property tax bill amounts to $4,157, significantly surpassing the national median of $2,690. Property taxes in Basalt are based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Basalt's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Basalt or another part of Pitkin County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basalt, 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 Basalt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basalt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basalt 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 Basalt, Colorado
Property taxes in Basalt, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basalt is 0.65%, lower than the U.S. national median of 0.99%. Local government entities within Basalt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basalt 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 Basalt's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81621 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Basalt 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 Basalt Tax Rate
0.65%
Average Pitkin County Tax Rate
0.26%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | 0.57% | 0.57% | 0.65% | 0.65% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Basalt, Colorado
In Basalt, 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. In Basalt, 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. The median home price in Basalt is $662,900, with tax bills ranging from $2,619 at the 25th percentile to $20,449 at the 90th percentile. The zip code with the highest and lowest median tax bill is 81621, with a value of $4,157. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Basalt Assessed Value
$662,900
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 Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | $270,000 | $417,400 | $662,900 | $984,100 | $3,011,400 |
Source: Ownwell
Property Tax Bills Across Basalt, Colorado
In Basalt, Pitkin County, CO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For instance, with a median home price of $662,900, the assessed value is calculated and then multiplied by the local tax rate to determine the tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. Homeowners in Basalt experience varying tax bills. The 25th percentile tax bill is around $2,619, while the 75th percentile reaches $6,822, and the 90th percentile can be as high as $20,449. The median tax bill in the region is $4,157, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services, including schools, emergency services, and infrastructure, directly impacting homeowners by contributing to the quality of local amenities and overall community well-being.
Average Basalt Tax Bill
$4,157
Average Pitkin County Tax Bill
$4,527
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | $1,750 | $2,619 | $4,157 | $6,822 | $20,449 |
Source: Ownwell