Woodland Park, El Paso County, Colorado Property Taxes
The median property tax rate in Woodland Park, CO is 0.52%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Woodland Park at $459,112, the typical annual property tax bill reaches $2,304, which is below the national median of $2,690. Property taxes in Woodland Park 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 Woodland Park'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 Woodland Park 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
Woodland Park, El Paso County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$2,387
$2,215
Ownwell’s Woodland Park Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodland Park 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 Woodland Park, El Paso County, Colorado
Property taxes in Woodland Park, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodland Park is 0.52%, higher than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Woodland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodland Park 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 Woodland Park's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80863 zip code has the highest median property tax rate of 0.52%, while the 80921 zip code has the lowest median tax rate of 0.42%. Understanding how these cities compare with Woodland Park 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 Woodland Park Tax Rate
0.52%
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 Woodland Park, El Paso County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | 0.42% | 0.42% | 0.52% | 0.54% | 0.54% |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Woodland Park, El Paso County, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodland Park, Colorado. 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 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 Woodland Park, 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. In Woodland Park, the highest median tax bill is $5,993 in the 80921 zip code, while the lowest median tax bill is $2,294 in the 80863 zip code. 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 Woodland Park, El Paso County, Colorado
Source: Ownwell
$62,940
$289,337
$515,734
Average Woodland Park Assessed Value
$459,112
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 Woodland Park, El Paso County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | $115,000 | $204,536 | $456,715 | $656,484 | $813,725 |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Woodland Park, El Paso County, Colorado
In Woodland Park, CO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate in Woodland Park, part of El Paso County, is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Woodland Park is $459,112. Homeowners here might see tax bills ranging significantly, with the 25th percentile at $1,072 and the 75th percentile at $3,485. The 90th percentile tax bill can reach up to $4,209. When compared to the national median property tax rate of 0.99%, Woodland Park's tax rates are relatively moderate. However, they still represent a significant expense for homeowners, affecting overall affordability and potentially influencing decisions about buying or selling property in the area. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Woodland Park Tax Bill
$2,304
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 Woodland Park, El Paso County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | $597 | $1,067 | $2,294 | $3,429 | $4,192 |
| 80921 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell