Chaffee County Property Taxes
The median property tax rate in Chaffee County is 0.36%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Chaffee County at $418,760, the typical annual property tax bill reaches $1,497, which is well below the national median of $2,690. Property taxes in Chaffee County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Chaffee County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Buena Vista or another part of Chaffee County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chaffee County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,508
$1,399
Ownwell’s Chaffee County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Chaffee County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Chaffee County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Chaffee County, Colorado
Property taxes in Chaffee County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Chaffee County is 0.36%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Chaffee County set these rates annually, and they can vary significantly between different areas within the county. Each year, Chaffee County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. Analyzing how Chaffee County’s tax rates stack up against the national median can give homeowners a better understanding of the local tax landscape.
Average Chaffee County Tax Rate
0.36%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chaffee County, Colorado
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buena Vista | 0.30% | 0.37% | 0.37% | 0.40% | 0.40% |
| Granite | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
| Hartsel | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
| Nathrop | 0.31% | 0.37% | 0.37% | 0.37% | 0.37% |
| Poncha Springs | 0.36% | 0.38% | 0.38% | 0.38% | 0.38% |
| Salida | 0.27% | 0.33% | 0.33% | 0.36% | 0.36% |
| Twin Lakes | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Chaffee County, Colorado
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Chaffee County, Colorado. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Chaffee County Appraisal District. The assessed value, however, 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 in Chaffee County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Twin Lakes has the highest median tax bill at $2,546, while Granite has the lowest at $571. Being aware of these valuation processes in Chaffee County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Chaffee County, Colorado
Source: Ownwell
$152,071
$404,969
$657,866
Average Chaffee County Assessed Value
$418,760
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chaffee County, Colorado
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buena Vista | $95,440 | $310,429 | $407,888 | $540,970 | $723,262 |
| Granite | $52,310 | $87,454 | $152,071 | $318,878 | $468,540 |
| Hartsel | $399,879 | $399,879 | $399,879 | $399,879 | $399,879 |
| Nathrop | $56,768 | $239,354 | $403,775 | $579,364 | $733,836 |
| Poncha Springs | $93,934 | $279,297 | $349,669 | $459,075 | $598,446 |
| Salida | $88,944 | $339,678 | $438,395 | $569,056 | $747,123 |
| Twin Lakes | $657,866 | $657,866 | $657,866 | $657,866 | $657,866 |
Source: Ownwell
Property Tax Bills Across Chaffee County, Colorado
In Chaffee County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's market value, the local tax rate, and any applicable exemptions. For instance, the median home price in Chaffee County is $418,760. Homeowners in the 25th percentile can expect a tax bill around $1,135, while those in the 75th percentile might pay about $1,998. The 90th percentile sees tax bills as high as $2,652. Property taxes significantly impact homeowners, influencing their overall housing costs and potentially affecting their ability to afford other expenses. Comparatively, Chaffee County’s property tax rates can vary widely, with the highest median tax bill in Twin Lakes at $2,546 and the lowest in Granite at $571, reflecting the diversity in property values and local tax rates.
Average Chaffee County Tax Bill
$1,497
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Chaffee County, Colorado
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buena Vista | $731 | $1,195 | $1,559 | $2,042 | $2,725 |
| Granite | $270 | $346 | $571 | $1,199 | $1,944 |
| Hartsel | $1,463 | $1,463 | $1,463 | $1,463 | $1,463 |
| Nathrop | $208 | $910 | $1,457 | $2,078 | $2,636 |
| Poncha Springs | $529 | $1,045 | $1,300 | $1,749 | $2,250 |
| Salida | $692 | $1,142 | $1,479 | $1,973 | $2,645 |
| Twin Lakes | $2,546 | $2,546 | $2,546 | $2,546 | $2,546 |
Source: Ownwell