Boone, Colorado Property Taxes
The median property tax rate in Boone, CO is 0.68%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With the median home value in Boone at $91,407, the typical annual property tax bill is $606, significantly below the national median of $2,690. Property taxes in Boone are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Boone'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 Boone 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
Boone, 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 Boone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boone 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 Boone, Colorado
Property taxes in Boone, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boone is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Boone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boone 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 Boone's effective property tax rate to other areas in Pueblo County and the national median. For comparison, the 81025 zip code has the same median property tax rate of 0.68%. Understanding how these areas compare with Boone provides valuable insights into the varying tax landscape across Pueblo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boone Tax Rate
0.68%
Average Pueblo County Tax Rate
0.69%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81025 | 0.42% | 0.65% | 0.68% | 0.79% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Boone, Colorado
In Boone, 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 Pueblo 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 Boone, 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. The highest median tax bill in Boone is $606.00 in the 81025 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 in Boone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boone Assessed Value
$91,407
Average Pueblo County Assessed Value
$185,177
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81025 | $7,404 | $14,680 | $91,407 | $161,286 | $229,577 |
Source: Ownwell
Property Tax Bills Across Boone, Colorado
In Boone, located in Pueblo County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Boone face a median property tax rate that is lower than the national median of 0.99%. For instance, a home with a median price of $91,407 can expect to pay a tax bill ranging from $114 at the 25th percentile to $1,595 at the 90th percentile. The highest and lowest median tax bills in Pueblo County both stand at $606, specifically in zip code 81025. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as they directly impact annual expenses and the overall affordability of owning property in Boone. Keeping track of changes in assessed values and tax rates can help homeowners anticipate and manage their property tax obligations effectively.
Average Boone Tax Bill
$606
Average Pueblo County Tax Bill
$1,150
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Boone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81025 | $53 | $114 | $606 | $1,076 | $1,595 |
Source: Ownwell