Buena Vista, Colorado Property Taxes
The median property tax rate in Buena Vista, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Buena Vista at $407,888, the typical annual property tax bill is $1,559, which is well below the national median of $2,690. Property taxes in Buena Vista 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 Buena Vista'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 Buena Vista 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
Buena Vista, 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 Buena Vista Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buena Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buena Vista 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 Buena Vista, Colorado
Property taxes in Buena Vista, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buena Vista is 0.37%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Buena Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buena Vista 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 Buena Vista's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the state is 0.63%, while the lowest median tax rate is 0.21%. Understanding how these cities compare with Buena Vista provides valuable insights into the varying tax landscape across Chaffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buena Vista Tax Rate
0.37%
Average Chaffee County Tax Rate
0.36%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | 0.30% | 0.37% | 0.37% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Buena Vista, Colorado
In Buena Vista, 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 Chaffee 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 Buena Vista, 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. Buena Vista's median home price is $407,888, with tax bills ranging from $1,195 at the 25th percentile to $2,725 at the 90th percentile. Being aware of these valuation processes in Buena Vista helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buena Vista Assessed Value
$407,888
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 Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | $95,440 | $310,429 | $407,888 | $540,970 | $723,262 |
Source: Ownwell
Property Tax Bills Across Buena Vista, Colorado
In Buena Vista, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Buena Vista is $407,888. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Buena Vista can expect to pay property taxes within a range, with the 25th percentile tax bill at $1,195 and the 75th percentile at $2,042. At the higher end, the 90th percentile tax bill reaches $2,725. Compared to the national median property tax rate of 0.99%, Buena Vista's tax rates offer a competitive edge. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners by tying their tax obligations to the market conditions and local government budgetary needs.
Average Buena Vista Tax Bill
$1,559
Average Chaffee County Tax Bill
$1,497
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | $731 | $1,195 | $1,559 | $2,042 | $2,725 |
Source: Ownwell