Byers, Colorado Property Taxes
The median property tax rate in Byers, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Byers at $950,000, the typical annual property tax bill reaches $3,533, surpassing the national median of $2,690. Property taxes in Byers are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Byers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Byers 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
Byers, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$3,515
Ownwell’s Byers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byers 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 Byers, Colorado
Property taxes in Byers, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byers is 0.37%, which is notably lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Byers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byers 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 Byers' effective property tax rate to other counties in Colorado and the national median. For comparison, the 80202 zip code in Denver has the highest median property tax rate of 0.54%, while the 80301 zip code in Boulder has the lowest median tax rate of 0.29%. Understanding how these cities compare with Byers provides valuable insights into the varying tax landscape across Elbert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byers Tax Rate
0.37%
Average Elbert County Tax Rate
0.56%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byers, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80103 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Byers, Colorado
In Byers, 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 Elbert 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 Byers, 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 Byers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Byers are both $3533, located in the 80103 zip code.
Average Byers Assessed Value
$950,000
Average Elbert County Assessed Value
$469,640
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byers, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80103 | $950,000 | $950,000 | $950,000 | $950,000 | $950,000 |
Source: Ownwell
Property Tax Bills Across Byers, Colorado
In Byers, located in Elbert County, CO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the county assessor. Factors such as property size, location, and market trends influence this valuation. Once the assessed value is determined, a local tax rate, set by various taxing authorities, is applied to calculate the tax bill. Homeowners in Byers experience a median tax bill of $3,533, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual expenses, thereby affecting their overall financial planning. It's crucial for homeowners to understand these factors as they directly influence the amount they owe in property taxes, which can vary significantly based on changes in property values and local tax rates.
Average Byers Tax Bill
$3,533
Average Elbert County Tax Bill
$2,641
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Byers, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80103 | $3,533 | $3,533 | $3,533 | $3,533 | $3,533 |
Source: Ownwell