Crested Butte, Colorado Property Taxes
The median property tax rate in Crested Butte, CO is 0.61%, which is higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Crested Butte at $635,620, the typical annual property tax bill reaches $3,672, significantly exceeding the national median of $2,690. Property taxes in Crested Butte 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 Crested Butte'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 Crested Butte 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
Crested Butte, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$3,877
Ownwell’s Crested Butte Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crested Butte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crested Butte 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 Gunnison County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Crested Butte, Colorado
Property taxes in Crested Butte, Colorado, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Crested Butte is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Crested Butte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crested Butte 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 Crested Butte's effective property tax rate to other areas in Gunnison County and the national median. For comparison, the 81225 zip code has the highest median property tax rate of 0.61%, while the 81224 zip code has the lowest median tax rate of 0.54%. Understanding how these areas compare with Crested Butte provides valuable insights into the varying tax landscape across Gunnison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crested Butte Tax Rate
0.61%
Average Gunnison County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crested Butte, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81224 | 0.47% | 0.53% | 0.54% | 0.61% | 1.20% |
| 81225 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Crested Butte, Colorado
In Crested Butte, 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 Gunnison 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 Crested Butte, 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. For example, the highest median tax bill is $4,175 in the 81224 zip code, while the lowest median tax bill is $2,870 in the 81225 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Crested Butte, Colorado
Source: Ownwell
$179,865
$524,758
$869,650
Average Crested Butte Assessed Value
$635,620
Average Gunnison County Assessed Value
$413,850
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crested Butte, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81224 | $101,960 | $360,020 | $762,720 | $1,248,725 | $1,921,906 |
| 81225 | $139,838 | $291,945 | $467,090 | $795,460 | $1,243,552 |
Source: Ownwell
Property Tax Bills Across Crested Butte, Colorado
In Crested Butte, located in Gunnison County, CO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is derived from a percentage of the market value of the property. Factors such as location, property size, and market conditions influence the assessed value. The local tax rate is then applied to this assessed value to calculate the tax bill. For instance, the median home price in Crested Butte is $635,620. Homeowners in this area can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $1,945, while the 75th percentile tax bill reaches $6,395. At the 90th percentile, tax bills can soar to $10,489. The highest median tax bill in the region is $4,175 in zip code 81224, whereas the lowest is $2,870 in zip code 81225. These figures highlight how property taxes can impact homeowners differently based on their property's assessed value and location within Crested Butte.
Average Crested Butte Tax Bill
$3,672
Average Gunnison County Tax Bill
$1,892
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Crested Butte, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81224 | $814 | $2,061 | $4,175 | $7,041 | $11,303 |
| 81225 | $878 | $1,834 | $2,870 | $4,914 | $7,810 |
Source: Ownwell