Parachute, Colorado Property Taxes
The median property tax rate in Parachute, CO is 0.38%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Parachute being $192,330, the typical annual property tax bill is $774, well below the national median of $2,690. Property taxes in Parachute 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 Parachute'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 Parachute or another part of Garfield County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parachute, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$731
Ownwell’s Parachute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parachute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parachute 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 Parachute, Colorado
Property taxes in Parachute, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Parachute is 0.38%, significantly lower than the Colorado state median and the U.S. national median of 0.99%. Local government entities within Parachute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parachute 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 Parachute's effective property tax rate to other areas in Garfield County and the national median. For comparison, the 81650 zip code has the highest median property tax rate of 0.63%, while the 81650 zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Parachute 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 Parachute Tax Rate
0.38%
Average Garfield County Tax Rate
0.50%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81630 | 0.23% | 0.23% | 0.23% | 0.23% | 0.23% |
| 81635 | 0.26% | 0.37% | 0.38% | 0.38% | 0.47% |
| 81647 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| 81650 | 0.58% | 0.60% | 0.63% | 0.65% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Parachute, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parachute, 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 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. In Parachute, 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. The median home price in Parachute is $192,330, and understanding the distinction between these valuation concepts can help property owners better navigate their tax responsibilities. The zip code 81635 has the highest median tax bill at $775, while zip code 81650 has the lowest at $191. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Parachute Assessed Value
$192,330
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 Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81630 | $96,046 | $108,700 | $129,790 | $130,245 | $130,518 |
| 81635 | $6,810 | $18,760 | $192,925 | $276,758 | $382,755 |
| 81647 | $67,490 | $67,490 | $67,490 | $67,490 | $67,490 |
| 81650 | $18,907 | $23,808 | $31,975 | $40,142 | $45,043 |
Source: Ownwell
Property Tax Bills Across Parachute, Colorado
In Parachute, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Parachute is $192,330. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property improvements, location, and market trends can affect the assessed value. Homeowners in Parachute can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $301, while the 75th percentile reaches $1,119, and the 90th percentile can go up to $1,471. The highest median tax bill recorded is $775 in the 81635 zip code, whereas the lowest is $191 in the 81650 zip code. These taxes fund essential public services like schools, infrastructure, and emergency services, impacting the overall quality of life. Understanding these factors can help homeowners anticipate and manage their property tax expenses effectively.
Average Parachute Tax Bill
$774
Average Garfield County Tax Bill
$1,819
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Parachute, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81630 | $225 | $255 | $305 | $306 | $307 |
| 81635 | $45 | $307 | $775 | $1,120 | $1,472 |
| 81647 | $235 | $235 | $235 | $235 | $235 |
| 81650 | $124 | $149 | $191 | $234 | $259 |
Source: Ownwell