Craig, Colorado Property Taxes
The median property tax rate in Craig, CO is 0.59%, slightly higher than the Colorado state median of 0.55% but well below the national median of 0.99%. With a median home value of $148,379, the typical annual property tax bill in Craig amounts to $827, significantly less than the national median of $2,690. Property taxes in Craig are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Craig'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 Craig 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
Craig, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$875
$812
Ownwell’s Craig Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craig with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craig 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 Craig, Colorado
Property taxes in Craig, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craig is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Craig set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craig 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 Craig's effective property tax rate to other areas in Moffat County and the national median. For comparison, the 81625 zip code has the highest median property tax rate of 0.59%, while the 81626 zip code has the lowest median tax rate of 0.43%. Understanding how these areas compare with Craig provides valuable insights into the varying tax landscape across Moffat County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craig Tax Rate
0.59%
Average Moffat County Tax Rate
0.59%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craig, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81625 | 0.31% | 0.45% | 0.59% | 0.59% | 0.59% |
| 81626 | 0.43% | 0.43% | 0.43% | 0.44% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Craig, Colorado
In Craig, 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 Moffat County Assessor's Office 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 Craig, 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 zip code with the highest median tax bill in Craig is 81625 at $828, while the lowest is 81626 at $467. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craig Assessed Value
$148,379
Average Moffat County Assessed Value
$139,471
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craig, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81625 | $14,257 | $77,173 | $148,569 | $210,950 | $281,269 |
| 81626 | $63,064 | $74,880 | $108,684 | $119,535 | $122,277 |
Source: Ownwell
Property Tax Bills Across Craig, Colorado
In Craig, located in Moffat County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Craig is $148,379. Homeowners' tax bills are influenced by factors such as the local tax rate and any applicable exemptions. The median property tax rate in Craig is generally lower than the national median of 0.99%, resulting in relatively manageable tax bills for homeowners. For instance, the tax bill at the 25th percentile is $508, while at the 75th percentile, it rises to $1182. At the 90th percentile, homeowners might see a tax bill of approximately $1488. The highest median tax bill in Craig is found in the 81625 zip code, at $828, whereas the lowest is in the 81626 zip code, at $467. These amounts reflect how property taxes can vary within the city, directly impacting homeowners' financial responsibilities based on their property's assessed value.
Average Craig Tax Bill
$827
Average Moffat County Tax Bill
$783
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Craig, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81625 | $313 | $509 | $828 | $1,183 | $1,489 |
| 81626 | $275 | $331 | $467 | $533 | $548 |
Source: Ownwell