Twin Lakes, Colorado Property Taxes
The median property tax rate in Twin Lakes, CO is 0.70%, noticeably higher than the Colorado state median of 0.55% but still below the national median of 0.99%. With the median home value in Twin Lakes at $304,374, the typical annual property tax bill amounts to $2,023, which is under the national median of $2,690. Property taxes in Twin Lakes are determined based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Twin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Twin Lakes or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Lakes, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,131
$1,977
Ownwell’s Twin Lakes Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Twin Lakes using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Lakes to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Twin Lakes, Colorado
Property taxes in Twin Lakes, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Lakes is 0.70%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Twin Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Lakes 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 Twin Lakes' effective property tax rate to other areas in Colorado and the national median. For comparison, the 81251 zip code has the highest median property tax rate of 0.70%, while the 81228 zip code has the lowest median tax rate of 0.62%. Understanding how these areas compare with Twin Lakes 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 Twin Lakes Tax Rate
0.70%
Average Lake County Tax Rate
0.63%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| 81251 | 0.62% | 0.62% | 0.70% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Twin Lakes, Colorado
In Twin Lakes, 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 Twin Lakes, 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 Twin Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,040, found in the 81251 zip code.
Average Twin Lakes Assessed Value
$304,374
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 Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $5,902 | $5,902 | $5,902 | $5,902 | $5,902 |
| 81251 | $42,760 | $183,038 | $305,710 | $444,395 | $588,685 |
Source: Ownwell
Property Tax Bills Across Twin Lakes, Colorado
In Twin Lakes, CO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For homeowners in Twin Lakes, the median home price is $304,374. Property tax rates in this region can vary, but the national median property tax rate is 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, homeowners in the 25th percentile can expect a tax bill around $1,148, while those in the 75th percentile may see bills as high as $2,972. The 90th percentile tax bill can reach up to $3,883. These taxes fund essential public services like schools, infrastructure, and emergency services, impacting the quality of life in Twin Lakes. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Twin Lakes Tax Bill
$2,023
Average Lake County Tax Bill
$1,697
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Lakes, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81228 | $37 | $37 | $37 | $37 | $37 |
| 81251 | $309 | $1,156 | $2,040 | $2,978 | $3,887 |
Source: Ownwell