Wolcott Area, Colorado Property Taxes
The median property tax rate in Wolcott Area, CO is 0.49%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Wolcott Area at $927,100, the typical annual property tax bill reaches $4,971, exceeding the national median of $2,690. Property taxes in Wolcott 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 Wolcott 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 Wolcott Area 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
Wolcott Area, 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 Wolcott Area Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in the Wolcott Area with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in the Wolcott 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 Wolcott Area, Colorado
Property taxes in Wolcott 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 Wolcott Area is 0.42%, lower than both the Colorado state median of 0.52% and the U.S. national median of 0.99%. Local government entities within Wolcott Area set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolcott 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 Wolcott Area's effective property tax rate to other counties in Colorado and the national median. For comparison, 81657 has the highest median property tax rate of 0.49%, while 81620 has the lowest median tax rate of 0.42%. Understanding how these cities compare with Wolcott 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 Wolcott Area Tax Rate
0.49%
Average Eagle County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolcott Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Wolcott Area, Colorado
In Wolcott 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 Wolcott 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. The median home price in Wolcott Area stands at $927,100, with tax bills ranging from $3,294 at the 25th percentile to $11,108 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wolcott Area, Colorado
Source: Ownwell
$44,100
$1,243,965
$2,443,830
Average Wolcott Area Assessed Value
$927,100
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 Wolcott Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Wolcott Area, Colorado
In the Wolcott area of Eagle County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value, reflecting the property's worth in the current real estate market. Several factors influence this assessment, including the property's location, size, age, and condition. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. Homeowners in Wolcott can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,294, while the 75th percentile reaches $8,660, and the 90th percentile can be as high as $11,108. These figures are higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for homeowners in this area. Understanding these factors helps homeowners anticipate and plan for their annual property tax obligations.
Average Wolcott Area Tax Bill
$4,971
Average Eagle County Tax Bill
$3,388
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolcott Area, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell