Bayfield, Colorado Property Taxes
The median property tax rate in Bayfield, CO is 0.36%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $379,230 in Bayfield, the typical annual property tax bill amounts to $1,437, which is well below the national median of $2,690. Property taxes in Bayfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bayfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bayfield or another part of La Plata County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bayfield, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,365
Ownwell’s Bayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bayfield 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 Bayfield, Colorado
Property taxes in Bayfield, Colorado, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Bayfield is 0.36%, significantly lower than the U.S. national median of 0.99%. Local government entities within Bayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bayfield 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. For comparison, the highest median property tax rate in the region is found in ZIP code 81122 at 0.38%, while the lowest median tax rate is in ZIP code 81137 at 0.34%. Understanding how these areas compare with Bayfield provides valuable insights into the varying tax landscape across La Plata County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayfield Tax Rate
0.36%
Average La Plata County Tax Rate
0.25%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | 0.28% | 0.32% | 0.36% | 0.43% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Bayfield, Colorado
In Bayfield, 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 La Plata 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 Bayfield, 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 Bayfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 81122, with a median tax bill of $1,437.
Average Bayfield Assessed Value
$379,230
Average La Plata County Assessed Value
$472,120
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $127,894 | $275,630 | $379,230 | $490,100 | $655,910 |
Source: Ownwell
Property Tax Bills Across Bayfield, Colorado
In Bayfield, property tax bills are calculated based on the assessed value of a home, which is determined by the La Plata County assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. These rates are influenced by various factors, including local government budgets, school district needs, and public services funding. Homeowners in Bayfield can expect a median property tax bill of $1,437, which is relatively moderate compared to the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is around $1,030, while those in the 75th percentile pay approximately $1,899. High-value properties in the 90th percentile can see tax bills as high as $2,505. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Bayfield Tax Bill
$1,437
Average La Plata County Tax Bill
$1,300
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81122 | $579 | $1,030 | $1,437 | $1,899 | $2,505 |
Source: Ownwell