Gypsum Area, Colorado Property Taxes
The median property tax rate in Gypsum Area, CO is 0.44%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $363,670 in Gypsum Area, the typical annual property tax bill is $1,701, well below the national median of $2,690. Property taxes in Gypsum Area are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Gypsum Area'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 Gypsum 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
Gypsum Area, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,600
Ownwell’s Gypsum Area Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in the Gypsum Area with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in the Gypsum 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 Gypsum Area, Colorado
Property taxes in Gypsum Area, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gypsum Area is 0.44%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Gypsum Area set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gypsum 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 Gypsum Area's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in 81657 with a rate of 0.55%, while the lowest median tax rate is in 81632 at 0.37%. Understanding how these cities compare with Gypsum 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 Gypsum Area Tax Rate
0.44%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gypsum Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Gypsum Area, Colorado
In the Gypsum 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's Office 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 Gypsum 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 Gypsum area helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Gypsum Area, Colorado
Source: Ownwell
$44,100
$1,243,965
$2,443,830
Average Gypsum Area Assessed Value
$363,670
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 Gypsum Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Gypsum Area, Colorado
In the Gypsum area of Eagle County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of its market value. For instance, if a home has a median market value of $363,670, the assessed value is established by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in the Gypsum area can expect their tax bills to vary significantly. For example, at the 25th percentile, the tax bill is around $1,179, while at the 75th percentile, it rises to approximately $1,954. At the 90th percentile, it can reach as high as $4,008. These figures illustrate the range of property tax obligations homeowners might face, depending on the assessed value of their properties. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Gypsum Area Tax Bill
$1,701
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Gypsum Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell