Ouray County, Colorado Property Taxes
The median property tax rate in Ouray County is 0.40%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Ouray County at $723,215, the typical annual property tax bill reaches $2,936, which is slightly above the national median of $2,690. Property taxes in Ouray County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Ouray County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Ouray or another part of Ouray County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ouray County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,893
$2,684
Ownwell’s Ouray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Ouray with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Ouray to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Ouray County, Colorado
Property taxes in Ouray play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Ouray is 0.40%, which is lower than the U.S. national median of 0.99%. Local government entities within Ouray set these rates annually, and they can vary significantly between different areas within the county. Each year, Ouray estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Ouray has one of the higher property tax rates in Colorado at 0.42%, while the city of Ridgway boasts one of the lowest at 0.40%. Analyzing how Ouray's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Ouray County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Ouray County, Colorado
In Ouray County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Ouray County Appraisal District. The assessed value, however, 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. Assessment notices in Ouray County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Ouray County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. The city with the highest median tax bill in Ouray County is Ridgway at $3,517, while Montrose has the lowest at $2,061.
Average Ouray County Assessed Value
$723,215
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Bills Across Ouray County, Colorado
In Ouray County, CO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in this region typically see tax bills that vary significantly depending on their property's assessed value and the specific tax rates set by local taxing authorities. For instance, the median home price in Ouray County is $723,215. The tax bill can range widely, from around $1,892 at the 25th percentile to $5,893 at the 90th percentile. The highest median tax bill in the county is $3,517 in Ridgway, while Montrose has the lowest median tax bill at $2,061. These figures are influenced by factors such as property location, school district funding needs, and municipal services. Compared to the national median property tax rate of 0.99%, homeowners in Ouray County may experience varying financial impacts. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Ouray County Tax Bill
$2,936
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690