Drake, Colorado Property Taxes
The median property tax rate in Drake, CO is 0.60%, 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 Drake at $286,600, the typical annual property tax bill reaches $1,685, exceeding the national median of $2,690. Property taxes in Drake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drake'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 Drake 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
Drake, 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 Drake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drake 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 Drake, Colorado
Property taxes in Drake, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drake is 0.39%, lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Drake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drake 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 Drake's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80515 zip code has the highest median property tax rate of 0.39%, while the same zip code also has the lowest median tax rate of 0.39%. Understanding how these cities compare with Drake provides valuable insights into the varying tax landscape across Larimer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drake Tax Rate
0.60%
Average Larimer County Tax Rate
0.66%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80515 | 0.51% | 0.52% | 0.60% | 0.72% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Drake, Colorado
In Drake, 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 Larimer 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 Drake, 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 Drake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80515 in Drake has both the highest and lowest median tax bill at $1,685, offering a unique perspective on property tax variations within the area.
Average Drake Assessed Value
$286,600
Average Larimer County Assessed Value
$394,000
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80515 | $147,990 | $203,850 | $286,600 | $378,775 | $466,480 |
Source: Ownwell
Property Tax Bills Across Drake, Colorado
In Drake, located in Larimer County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For homeowners in Drake, the median home price stands at $286,600. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the 25th percentile of tax bills in Drake is $1,150, while the 75th percentile reaches $2,374, and the 90th percentile can go up to $3,061. These variations highlight how different factors impact the final tax amount. Compared to the national median property tax rate of 0.99%, the property tax rates in Drake can significantly affect homeowners' budgets. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Drake Tax Bill
$1,685
Average Larimer County Tax Bill
$2,461
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Drake, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80515 | $822 | $1,150 | $1,685 | $2,374 | $3,061 |
Source: Ownwell