Buena Vista, Colorado Property Taxes
The median property tax rate in Buena Vista, CO is 0.71%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $249,702 in Buena Vista, the typical annual property tax bill amounts to $1,762, which is below the national median of $2,690. Property taxes in Buena Vista are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Buena Vista'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 Buena Vista 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
Buena Vista, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,773
$1,645
Ownwell’s Buena Vista Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buena Vista with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buena Vista 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 Buena Vista, Colorado
Property taxes in Buena Vista, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buena Vista is 0.71%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Buena Vista set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buena Vista 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 Buena Vista's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81251 zip code has the highest median property tax rate of 0.71%, while the 81211 zip code has the lowest median tax rate of 0.71%. Understanding how these cities compare with Buena Vista provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buena Vista Tax Rate
0.71%
Average Lake County Tax Rate
0.63%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
| 81251 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Buena Vista, Colorado
In Buena Vista, 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 Lake 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 Buena Vista, 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. The highest median tax bill in Buena Vista is $2,216 in the 81211 zip code, while the lowest median tax bill is $1,550 in the 81251 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 Buena Vista Assessed Value
$249,702
Average Lake County Assessed Value
$254,269
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | $171,012 | $221,598 | $314,055 | $408,676 | $463,158 |
| 81251 | $219,643 | $219,643 | $219,643 | $219,643 | $219,643 |
Source: Ownwell
Property Tax Bills Across Buena Vista, Colorado
In Buena Vista, CO, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of the property. For instance, the median home price in Buena Vista is $249,702. The property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location within specific zip codes. For example, the highest median tax bill in the area is $2,216 in zip code 81211, while the lowest is $1,550 in zip code 81251. Tax bills can vary significantly, with the 25th percentile bill at $1,550 and the 75th percentile reaching $2,670. Homeowners in Buena Vista experience a range of tax obligations, which can impact their overall financial planning and housing affordability. Compared to the national median property tax rate of 0.99%, Buena Vista's property taxes reflect the local economic conditions and property values.
Average Buena Vista Tax Bill
$1,762
Average Lake County Tax Bill
$1,697
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Buena Vista, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81211 | $1,206 | $1,563 | $2,216 | $2,883 | $3,268 |
| 81251 | $1,550 | $1,550 | $1,550 | $1,550 | $1,550 |
Source: Ownwell