Larkspur, Colorado Property Taxes
The median property tax rate in Larkspur, CO is 0.47%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Larkspur at $622,002, the typical annual property tax bill reaches $2,925, which is above the national median of $2,690. Property taxes in Larkspur 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 Larkspur'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 Larkspur 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
Larkspur, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$2,923
$2,713
Ownwell’s Larkspur Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Larkspur effortlessly using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Larkspur to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, localized neighborhood trends are available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Larkspur, Colorado
Property taxes in Larkspur, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Larkspur is 0.47%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Larkspur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Larkspur 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 Larkspur's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80118 has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Larkspur provides valuable insights into the varying tax landscape across El Paso County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Larkspur Tax Rate
0.47%
Average El Paso County Tax Rate
0.42%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Larkspur, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80118 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Larkspur, Colorado
In Larkspur, 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 El Paso 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 Larkspur, 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 Larkspur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Larkspur are both $2,925, found in the 80118 zip code.
Average Larkspur Assessed Value
$622,002
Average El Paso County Assessed Value
$319,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Larkspur, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80118 | $596,441 | $606,027 | $622,002 | $637,978 | $647,564 |
Source: Ownwell
Property Tax Bills Across Larkspur, Colorado
In Larkspur, CO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value of the property, which is periodically evaluated by the county assessor. Factors such as property size, location, and improvements can influence this market value. Homeowners in Larkspur experience property tax bills that vary depending on their property's assessed value and the prevailing tax rate. For example, in Larkspur, the median home price stands at $622,002. Property tax bills range significantly, with the 25th percentile at approximately $2,850 and the 75th percentile at around $3,000. At the 90th percentile, homeowners might see tax bills as high as $3,045. These figures illustrate the potential financial impact on homeowners, making it crucial to understand how property taxes are calculated and how they can vary. Comparing these figures to the national median property tax rate of 0.99% highlights the relative affordability or burden of property taxes in this region.
Average Larkspur Tax Bill
$2,925
Average El Paso County Tax Bill
$1,379
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Larkspur, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80118 | $2,805 | $2,850 | $2,925 | $3,000 | $3,045 |
Source: Ownwell