New Castle, Colorado Property Taxes
The median property tax rate in New Castle, CO is 0.46%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in New Castle at $340,785, the typical annual property tax bill reaches $1,617, which is significantly lower than the national median of $2,690. Property taxes in New Castle 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 New Castle'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 New Castle 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
New Castle, 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 New Castle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Castle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Castle 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 New Castle, Colorado
Property taxes in New Castle, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Castle is 0.46%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within New Castle set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Castle 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 New Castle's effective property tax rate to other areas in Colorado and the national median. For comparison, the 81601 zip code has the highest median property tax rate of 0.54%, while the 81647 zip code has the lowest median tax rate of 0.46%. Understanding how these areas compare with New Castle provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Castle Tax Rate
0.46%
Average Garfield County Tax Rate
0.50%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Castle, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | 0.47% | 0.47% | 0.54% | 0.64% | 0.71% |
| 81647 | 0.38% | 0.38% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across New Castle, Colorado
In New Castle, 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 Garfield 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. 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 New Castle, being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,621 in zip code 81647, while the lowest is $492 in zip code 81601.
Average New Castle Assessed Value
$340,785
Average Garfield County Assessed Value
$363,015
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Castle, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | $43,727 | $58,708 | $86,240 | $109,738 | $117,455 |
| 81647 | $57,255 | $218,840 | $341,760 | $435,890 | $546,655 |
Source: Ownwell
Property Tax Bills Across New Castle, Colorado
Property tax bills in New Castle, located in Garfield County, CO, are determined by several key factors. The primary factor is the assessed value of a property, which is derived from its market value. Local tax rates are then applied to this assessed value to calculate the annual tax bill. For example, the median home price in New Castle stands at $340,785. Homeowners can expect to pay a tax bill that varies significantly across different percentiles. At the 25th percentile, the tax bill is around $1,092, while at the 75th percentile, it rises to approximately $1,990. For those in the 90th percentile, the tax bill can reach up to $2,417. Comparatively, New Castle's property tax rates can be both higher and lower than the national median property tax rate of 0.99%, depending on the specific zip code. The highest median tax bill in the area is $1,621 in zip code 81647, while the lowest median tax bill is $492 in zip code 81601. These variations can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average New Castle Tax Bill
$1,617
Average Garfield County Tax Bill
$1,819
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across New Castle, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | $233 | $343 | $492 | $633 | $727 |
| 81647 | $285 | $1,097 | $1,621 | $1,991 | $2,418 |
Source: Ownwell