Paonia, Colorado Property Taxes
The median property tax rate in Paonia, CO is 0.40%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Paonia at $869,650, the typical annual property tax bill reaches $3,521, surpassing the national median of $2,690. Property taxes in Paonia 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 Paonia'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 Paonia 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
Paonia, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$3,479
Ownwell’s Paonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paonia 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 Paonia, Colorado
Property taxes in Paonia, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paonia is 0.40%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Paonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paonia 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 Paonia's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 81428 has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Paonia 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 Paonia Tax Rate
0.40%
Average Gunnison County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paonia, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81428 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Paonia, Colorado
In Paonia, 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 Paonia, 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 Paonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 81428 has both the highest and lowest median tax bill, valued at $3,521, which provides a consistent view of property tax expectations in the area.
Average Paonia Assessed Value
$869,650
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 Paonia, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81428 | $869,650 | $869,650 | $869,650 | $869,650 | $869,650 |
Source: Ownwell
Property Tax Bills Across Paonia, Colorado
In Paonia, Gunnison County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Paonia, the median home price is $869,650, and property tax bills typically hover around $3,521, which is consistent across various percentiles. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Paonia's property tax rate may appear relatively moderate, yet it still significantly impacts homeowners. High property values in the area contribute to a higher tax bill, which can affect household budgets and long-term financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Paonia Tax Bill
$3,521
Average Gunnison County Tax Bill
$1,892
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Paonia, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81428 | $3,521 | $3,521 | $3,521 | $3,521 | $3,521 |
Source: Ownwell