Lake City, Colorado Property Taxes
The median property tax rate in Lake City, CO is 0.39%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $145,385 in Lake City, the typical annual property tax bill is $701, which is well below the national median of $2,690. Property taxes in Lake City 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 Lake 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 Lake 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
Lake City, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$567
$526
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake 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 Lake City, Colorado
Property taxes in Lake City, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City stands at 0.39%, which is notably lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake City's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the area is significantly higher, while the lowest median tax rate is considerably lower. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Hinsdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
0.39%
Average Hinsdale County Tax Rate
0.29%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81235 | 0.29% | 0.30% | 0.39% | 0.39% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Colorado
In Lake 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 Hinsdale 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 Lake 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. 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 Lake City 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 Lake City both amount to $701, found in the 81235 zip code.
Average Lake City Assessed Value
$145,385
Average Hinsdale County Assessed Value
$71,470
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81235 | $47,048 | $73,072 | $145,385 | $220,485 | $283,520 |
Source: Ownwell
Property Tax Bills Across Lake City, Colorado
In Lake City, Hinsdale County, CO, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Lake City can expect varying tax bills depending on the value of their property. For instance, the median home price is $145,385. Property tax bills in the 25th percentile are around $402, while those in the 75th percentile reach up to $1,107. The highest tax bills, in the 90th percentile, can be as much as $1,409. Comparatively, the national median property tax rate is 0.99%, making Lake City's tax rates relatively moderate. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the overall quality of life for homeowners in the region.
Average Lake City Tax Bill
$701
Average Hinsdale County Tax Bill
$257
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81235 | $224 | $402 | $701 | $1,107 | $1,409 |
Source: Ownwell