Minturn Area, Colorado Property Taxes
The median property tax rate in the Minturn area, CO is 0.51%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in the Minturn area at $623,720, the typical annual property tax bill reaches $3,161, surpassing the national median of $2,690. Property taxes in the Minturn area 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 the Minturn 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 the Minturn 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
Minturn Area, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$3,181
Ownwell’s Minturn Area Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Minturn Area with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Minturn Area to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Minturn Area, Colorado
Property taxes in Minturn 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 Minturn Area is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Minturn Area set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minturn 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 Minturn Area's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the county is significantly higher than Minturn Area's 0.51%, while the lowest is substantially lower. Understanding how these areas compare with Minturn 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 Minturn Area Tax Rate
0.51%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minturn Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Minturn Area, Colorado
In Minturn 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 Minturn 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 Minturn Area helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $623,720, with tax bills ranging from $1,438 at the 25th percentile to $7,736 at the 90th percentile.
Property Tax Assessment Values Across Minturn Area, Colorado
Source: Ownwell
$44,100
$1,243,965
$2,443,830
Average Minturn Area Assessed Value
$623,720
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 Minturn Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Minturn Area, Colorado
In the Minturn area of Eagle County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $623,720, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $1,438, while at the 75th percentile, it rises to around $4,544. For those at the 90th percentile, the tax bill can reach up to $7,736. Several factors influence these variations, including changes in property values and specific local tax rates. Homeowners in Minturn may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these local factors. Understanding these elements is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Minturn Area Tax Bill
$3,161
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Minturn Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell