Peyton, Colorado Property Taxes
The median property tax rate in Peyton, 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 Peyton at $419,628, the typical annual property tax bill reaches $1,977, falling below the national median of $2,690. Property taxes in Peyton 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 Peyton'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 Peyton 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
Peyton, 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 Peyton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peyton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peyton 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 Peyton, Colorado
Property taxes in Peyton, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peyton is 0.49%, significantly lower than the U.S. national median of 0.99%. Local government entities within Peyton set these rates annually, and they can vary across different neighborhoods. Each year, Peyton 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 Peyton's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80831 has the same median property tax rate of 0.49%. Understanding how these cities compare with Peyton 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 Peyton Tax Rate
0.49%
Average Elbert County Tax Rate
0.56%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peyton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80831 | 0.37% | 0.41% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Peyton, Colorado
In Peyton, 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 Peyton, 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 Peyton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Peyton is $1977 in zip code 80831, which matches the lowest median tax bill, indicating uniformity in tax assessments across the area.
Average Peyton Assessed Value
$419,628
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 Peyton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80831 | $241,746 | $318,596 | $419,628 | $496,910 | $589,769 |
Source: Ownwell
Property Tax Bills Across Peyton, Colorado
In Peyton, Colorado, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting current real estate conditions. Homeowners in Peyton experience property tax bills that vary depending on several factors, including the property's location, size, and improvements. For instance, the median home price in Peyton is $419,628. Property tax bills in the area range widely, with the 25th percentile at $1,418 and the 75th percentile reaching $2,389. The 90th percentile can see tax bills as high as $2,633. The highest and lowest median tax bills in the region are both $1,977, specifically in the 80831 zip code. These property tax rates directly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Peyton's rates provide a benchmark for understanding local tax burdens and financial planning.
Average Peyton Tax Bill
$1,977
Average Elbert County Tax Bill
$2,641
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Peyton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80831 | $1,144 | $1,418 | $1,977 | $2,389 | $2,633 |
Source: Ownwell