Grand Lake, Colorado Property Taxes
The median property tax rate in Grand Lake, CO is 0.42%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Grand Lake at $421,275, the typical annual property tax bill reaches $1,842, which is well below the national median of $2,690. Property taxes in Grand Lake 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 Grand Lake'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 Grand Lake 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
Grand Lake, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,769
$1,642
Ownwell’s Grand Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Lake 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 Grand Lake, Colorado
Property taxes in Grand Lake, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Lake is 0.42%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Grand Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Lake 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 Grand Lake's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80447 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Grand Lake provides valuable insights into the varying tax landscape across Grand County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Lake Tax Rate
0.42%
Average Grand County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80447 | 0.42% | 0.42% | 0.42% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Grand Lake, Colorado
In Grand Lake, 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 Grand 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 Grand Lake, 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 Grand Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1842, found in the 80447 zip code.
Average Grand Lake Assessed Value
$421,275
Average Grand County Assessed Value
$403,230
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80447 | $101,830 | $252,925 | $421,275 | $652,598 | $1,022,128 |
Source: Ownwell
Property Tax Bills Across Grand Lake, Colorado
In Grand Lake, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this region is $421,275. Property tax rates are applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $1,126, while those in the 75th percentile might see bills closer to $2,834. At the higher end, the 90th percentile tax bills can reach up to $4,610. Factors influencing these calculations include the property's location, size, and any improvements made. Homeowners in Grand Lake should be aware that their tax bills can vary significantly based on these elements. Compared to the national median property tax rate of 0.99%, Grand Lake's property taxes can be relatively high, impacting overall housing affordability. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Grand Lake Tax Bill
$1,842
Average Grand County Tax Bill
$1,913
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Lake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80447 | $466 | $1,126 | $1,842 | $2,834 | $4,610 |
Source: Ownwell