Chimney Rock, Colorado Property Taxes
The median property tax rate in Chimney Rock, CO is 0.43%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $384,720 in Chimney Rock, the typical annual property tax bill amounts to $1,666, which is below the national median of $2,690. Property taxes in Chimney Rock are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chimney Rock'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 Chimney Rock 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
Chimney Rock, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,654
$1,535
Ownwell’s Chimney Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chimney Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chimney Rock 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 Chimney Rock, Colorado
Property taxes in Chimney Rock, Colorado, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chimney Rock is 0.43%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Chimney Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chimney Rock 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 Chimney Rock's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81122 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Chimney Rock 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 Chimney Rock Tax Rate
0.43%
Average Archuleta County Tax Rate
0.45%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chimney Rock, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Chimney Rock, Colorado
In Chimney Rock, 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 Chimney Rock, 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 median home price in Chimney Rock is $384,720, with the highest and lowest median tax bills both recorded at $1,666 in the 81122 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 Chimney Rock Assessed Value
$384,720
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 Chimney Rock, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $384,720 | $384,720 | $384,720 | $384,720 | $384,720 |
Source: Ownwell
Property Tax Bills Across Chimney Rock, Colorado
In Chimney Rock, located in Archuleta County, CO, property tax bills are calculated based on the assessed value of a home. The assessment process involves determining the market value of the property, which is then multiplied by the assessment rate set by the state. For homeowners in Chimney Rock, the median home price stands at $384,720. The property tax rate in this region is significantly lower than the national median of 0.99%, resulting in median tax bills of $1,666. This figure remains consistent across the 25th, 75th, and 90th percentiles, indicating a uniform tax burden for most homeowners. Factors influencing the tax bill include the property's assessed value and the local tax rate, which funds essential services such as schools, infrastructure, and emergency services. For homeowners, understanding these factors is crucial as they directly impact annual tax obligations and overall housing affordability. By being informed about how property taxes are calculated, homeowners can better manage their finances and plan for future expenses.
Average Chimney Rock Tax Bill
$1,666
Average Archuleta County Tax Bill
$1,424
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Chimney Rock, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $1,666 | $1,666 | $1,666 | $1,666 | $1,666 |
Source: Ownwell