Bayfield, Colorado Property Taxes
The median property tax rate in Bayfield, CO is 0.36%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Bayfield at $341,890, the typical annual property tax bill amounts to $1,530, which is below the national median of $2,690. Property taxes in Bayfield 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 Bayfield'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 Bayfield 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
Bayfield, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,231
$1,142
Ownwell's Bayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bayfield 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 Bayfield, Colorado
Property taxes in Bayfield, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bayfield is 0.36%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Bayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bayfield 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 Bayfield's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado can be found in Boulder County, while the lowest is in Costilla County. Understanding how these areas compare with Bayfield provides valuable insights into the varying tax landscape across Archuleta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayfield Tax Rate
0.36%
Average Archuleta County Tax Rate
0.45%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | 0.24% | 0.36% | 0.36% | 0.43% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Bayfield, Colorado
In Bayfield, 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 Archuleta 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 Bayfield, 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 example, the median home price in Bayfield is $341,890, with tax bills varying significantly. The 25th percentile tax bill is $628, while the 75th percentile reaches $2,335, and the 90th percentile peaks at $2,949. The zip code 81122 has the highest and lowest median tax bill at $1,530. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bayfield Assessed Value
$341,890
Average Archuleta County Assessed Value
$301,050
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $15,040 | $179,580 | $341,890 | $523,488 | $728,645 |
Source: Ownwell
Property Tax Bills Across Bayfield, Colorado
In Bayfield, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the Archuleta County Assessor's office. This assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. For instance, with a median home price of $341,890 in Bayfield, homeowners can expect varying tax bills. The 25th percentile tax bill is around $628, while the 75th percentile reaches $2,335. For those at the 90th percentile, the tax bill can be as high as $2,949. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Bayfield's property tax rates reflect the specific needs and budgetary requirements of the local community, ensuring tailored support for its residents.
Average Bayfield Tax Bill
$1,530
Average Archuleta County Tax Bill
$1,424
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $358 | $628 | $1,530 | $2,335 | $2,949 |
Source: Ownwell