Basalt Area, Colorado Property Taxes
The median property tax rate in Basalt Area, CO is 0.56%, slightly higher than the state median of 0.55% but still below the national median of 0.99%. With a median home value of $403,470, the typical annual property tax bill in Basalt Area reaches $3,257, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Basalt Area'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 Area or another part of Eagle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Basalt Area, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,259
$2,097
Ownwell’s Basalt Area Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in the Basalt Area with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in the Basalt Area 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 Area, Colorado
Property taxes in the Basalt area of Eagle County, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in the Basalt area is 0.56%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within the Basalt area set these rates annually, and they can vary significantly across different neighborhoods. Each year, the Basalt area 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 the Basalt area's effective property tax rate to other counties in Colorado and the national median. For comparison, the 00008 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with the Basalt area 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 Area Tax Rate
0.56%
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 Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 00008 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Basalt Area, Colorado
In the Basalt area, 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 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 the Basalt area, 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 the Basalt area helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $15,583 in zip code 00008, while the lowest is also $15,583 in the same zip code.
Property Tax Assessment Values Across Basalt Area, Colorado
Source: Ownwell
$44,100
$1,243,965
$2,443,830
Average Basalt Area Assessed Value
$403,470
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 Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 00008 | $2,443,830 | $2,443,830 | $2,443,830 | $2,443,830 | $2,443,830 |
Source: Ownwell
Property Tax Bills Across Basalt Area, Colorado
In the Basalt area of Eagle County, CO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price here is $403,470. Property taxes are then determined by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in the Basalt area, tax bills can vary significantly. For example, the 25th percentile tax bill stands at $2,127, while the 75th percentile tax bill reaches $8,632. At the higher end, the 90th percentile tax bill can be as much as $14,168. These figures illustrate the range of potential tax obligations, influenced by property value and local tax policies. Compared to the national median property tax rate of 0.99%, the tax burdens in this region reflect both the local real estate market and the specific tax regulations in place, impacting homeowners' financial planning and overall cost of living.
Average Basalt Area Tax Bill
$3,257
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 Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 00008 | $15,583 | $15,583 | $15,583 | $15,583 | $15,583 |
Source: Ownwell