Buffalo Creek, Colorado Property Taxes
The median property tax rate in Buffalo Creek, CO is 0.61%, slightly above the Colorado state median of 0.55% but still lower than the national median of 0.99%. With the median home value in Buffalo Creek at $417,736, the typical annual property tax bill reaches $3,183, which is higher than the national median of $2,690. Property taxes in Buffalo Creek are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Buffalo Creek'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 Buffalo Creek 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
Buffalo Creek, 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 Buffalo Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buffalo Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Creek 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 Buffalo Creek, Colorado
Property taxes in Buffalo Creek, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Creek is 0.61%, which is lower than both the Colorado state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Buffalo Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Creek 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 Buffalo Creek's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80470 zip code has the highest median property tax rate of 2.56%, while the 80425 zip code has the lowest median tax rate of 0.61%. Understanding how these cities compare with Buffalo Creek provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Creek Tax Rate
0.61%
Average Jefferson County Tax Rate
0.66%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80425 | 0.48% | 0.61% | 0.61% | 0.61% | 0.61% |
| 80470 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Creek, Colorado
In Buffalo Creek, 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 Jefferson 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 Buffalo Creek, 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. For instance, the highest median tax bill in the area is $5,144 in the 80470 zip code, while the lowest is $3,177 in the 80425 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buffalo Creek Assessed Value
$417,736
Average Jefferson County Assessed Value
$436,276
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80425 | $145,320 | $199,885 | $420,141 | $665,573 | $754,249 |
| 80470 | $200,682 | $200,682 | $200,682 | $200,682 | $200,682 |
Source: Ownwell
Property Tax Bills Across Buffalo Creek, Colorado
In Buffalo Creek, Jefferson County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, the median home price is around $417,736. The tax rate is applied to the assessed value to determine the tax bill. Factors such as local tax levies, school funding requirements, and municipal services influence the final amount. Homeowners in Buffalo Creek experience varying tax bills. The 25th percentile tax bill is approximately $1,315, while those in the 75th percentile pay around $4,317. At the higher end, the 90th percentile tax bill reaches up to $5,005. Comparatively, the highest median tax bill in the area is $5,144 in the 80470 zip code, whereas the lowest median tax bill is $3,177 in the 80425 zip code. These property taxes fund essential services like education, infrastructure, and emergency services, impacting the overall quality of life for residents.
Average Buffalo Creek Tax Bill
$3,183
Average Jefferson County Tax Bill
$2,797
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80425 | $745 | $1,306 | $3,177 | $4,204 | $4,967 |
| 80470 | $5,144 | $5,144 | $5,144 | $5,144 | $5,144 |
Source: Ownwell