Pitkin, Colorado Property Taxes
The median property tax rate in Pitkin, 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 Pitkin, the typical annual property tax bill reaches $781, well below the national median of $2,690. Property taxes in Pitkin 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 Pitkin'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 Pitkin 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
Pitkin, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Pitkin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pitkin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pitkin 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 Pitkin, Colorado
Property taxes in Pitkin, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pitkin 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 Pitkin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pitkin 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 Pitkin's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81241 has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Pitkin 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 Pitkin 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 Pitkin, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81241 | 0.42% | 0.42% | 0.42% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Pitkin, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pitkin, 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 local 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 Pitkin, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pitkin is $781, with the same amount being the lowest median tax bill, both in the zip code 81241.
Average Pitkin Assessed Value
$179,865
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 Pitkin, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81241 | $65,717 | $113,895 | $179,865 | $259,718 | $325,181 |
Source: Ownwell
Property Tax Bills Across Pitkin, Colorado
In Pitkin, Gunnison County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the property tax owed. Various factors influence the assessed value, including the home's location, size, and condition. For instance, the median home price in Pitkin is $179,865, and property tax bills can vary significantly. Homeowners in Pitkin can expect their tax bills to fall within a range, with the 25th percentile at $487 and the 75th percentile at $1,149. Those at the higher end, around the 90th percentile, may see tax bills up to $1,478. These figures illustrate the impact property taxes can have on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Pitkin Tax Bill
$781
Average Gunnison County Tax Bill
$1,892
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Pitkin, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81241 | $299 | $487 | $781 | $1,149 | $1,478 |
Source: Ownwell