Basalt, Colorado Property Taxes
The median property tax rate in Basalt, CO is 0.63%, which is higher than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $672,795, the typical annual property tax bill in Basalt reaches $4,355, surpassing the national median of $2,690. Property taxes in Basalt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Basalt'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 Basalt or another part of Eagle County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basalt, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$4,239
$3,933
Ownwell’s Basalt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Basalt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Basalt 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 Basalt, Colorado
Property taxes in Basalt, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Basalt is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Basalt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Basalt 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 Basalt's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81621 has the same median property tax rate of 0.63%. Understanding how these cities compare with Basalt provides valuable insights into the varying tax landscape across Eagle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Basalt Tax Rate
0.63%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | 0.56% | 0.63% | 0.63% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Basalt, Colorado
In Basalt, 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 Eagle 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 Basalt, 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. Being aware of these valuation processes in Basalt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $4,355 in the 81621 zip code.
Average Basalt Assessed Value
$672,795
Average Eagle County Assessed Value
$678,345
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | $217,020 | $437,145 | $672,795 | $1,021,860 | $1,400,450 |
Source: Ownwell
Property Tax Bills Across Basalt, Colorado
In Basalt, 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 Basalt is $672,795. Property taxes are determined by multiplying the assessed value by the local tax rate set by Eagle County. The tax bill can vary significantly depending on the specific characteristics and location of the property. For instance, homeowners in the 25th percentile can expect a tax bill around $2,812, while those in the 75th percentile may see bills as high as $6,491. The 90th percentile tax bill can reach up to $8,717. The highest and lowest median tax bills in the area are both $4,355, which is higher than the national median property tax rate of 0.99%. This means that property taxes in Basalt can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Basalt Tax Bill
$4,355
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Basalt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81621 | $1,347 | $2,812 | $4,355 | $6,491 | $8,717 |
Source: Ownwell