Granite, Colorado Property Taxes
The median property tax rate in Granite, CO is 0.62%, which is higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Granite at $587,062, the typical annual property tax bill reaches $3,637, surpassing the national median of $2,690. Property taxes in Granite 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 Granite'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 Granite 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
Granite, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$3,640
Ownwell’s Granite Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Granite. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Granite to provide an estimate of your property tax bill. This tool offers clarity on potential tax liabilities, helping you make informed financial decisions. For those curious about more specific trends, localized information at the neighborhood level is also available. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Granite, Colorado
Property taxes in Granite, Colorado, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Granite is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Granite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite 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 Granite's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 81228 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Granite 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 Granite Tax Rate
0.62%
Average Lake County Tax Rate
0.63%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Granite, Colorado
Understanding the distinction between "market value" and "assessed value" is vital for comprehending property taxes in Granite, Colorado. The market value represents the price a willing buyer would pay a willing seller in an open, competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lake 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 Granite, 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. The median home price in Granite is $587,062, with the median property tax bill at $3,637. Notably, the zip code 81228 has both the highest and lowest median tax bills at $3,637. Understanding these valuation concepts enables property owners to better navigate their tax responsibilities, identify opportunities for protesting assessments, and apply for exemptions to effectively manage their tax burden.
Average Granite Assessed Value
$587,062
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 Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $587,062 | $587,062 | $587,062 | $587,062 | $587,062 |
Source: Ownwell
Property Tax Bills Across Granite, Colorado
In Granite, located in Lake County, CO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in Granite should expect their property tax bills to be influenced by the median home price of $587,062. The tax rate in this area is applied to the assessed value to determine the final tax bill. For homeowners, the tax bills typically range around $3,637, as indicated by the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax environment within the zip code 81228, where both the highest and lowest median tax bills are reported to be $3,637. Compared to the national median property tax rate of 0.99%, Granite's tax bills reflect the area's specific property values and local tax rate policies. This can impact homeowners by providing a predictable tax expense, which is crucial for financial planning and maintaining homeownership affordability in the region.
Average Granite Tax Bill
$3,637
Average Lake County Tax Bill
$1,697
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $3,637 | $3,637 | $3,637 | $3,637 | $3,637 |
Source: Ownwell