Ohio City, Colorado Property Taxes
The median property tax rate in Ohio City, 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 Ohio City at $285,305, the typical annual property tax bill reaches $1,182, significantly below the national median of $2,690. Property taxes in Ohio City 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 Ohio City'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 Ohio City 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
Ohio City, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,198
$1,112
Ownwell’s Ohio City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ohio City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ohio City 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 Ohio City, Colorado
Property taxes in Ohio City, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ohio City is 0.42%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Ohio City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ohio City 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 Ohio City's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81237 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Ohio City 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 Ohio City Tax Rate
0.42%
Average Gunnison County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ohio City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81237 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Ohio City, Colorado
In Ohio City, 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 Appraisal District 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 Ohio City, 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 Ohio City is $285,305, with tax bills varying significantly. For example, the tax bill at the 25th percentile is $584, while at the 75th percentile, it reaches $1,419, and at the 90th percentile, it is $2,022. 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 Ohio City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ohio City Assessed Value
$285,305
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 Ohio City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81237 | $60,624 | $140,258 | $285,305 | $338,822 | $452,994 |
Source: Ownwell
Property Tax Bills Across Ohio City, Colorado
In Ohio City, 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 a percentage of the market value, which is determined by the county assessor. For instance, with a median home price of $285,305, the tax bill can range significantly. Homeowners at the 25th percentile can expect a tax bill around $584, while those at the 75th percentile might see a bill closer to $1,419. At the 90th percentile, the tax bill can reach up to $2,022. Several factors influence these calculations, including property location, market trends, and local government budgets. Compared to the national median property tax rate of 0.99%, Ohio City's rates can lead to varying financial impacts on homeowners. Understanding these factors is crucial for homeowners to anticipate their annual expenses and plan their finances accordingly. Accurate assessments ensure that property taxes are fairly distributed, reflecting the true value of properties within the community.
Average Ohio City Tax Bill
$1,182
Average Gunnison County Tax Bill
$1,892
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Ohio City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81237 | $252 | $584 | $1,182 | $1,419 | $2,022 |
Source: Ownwell