Ouray, Colorado Property Taxes
The median property tax rate in Ouray, CO is 0.42%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Ouray at $572,090, the typical annual property tax bill reaches $2,351, which is below the national median of $2,690. Property taxes in Ouray 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 Ouray'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 Ouray or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ouray, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$2,403
Ownwell’s Ouray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ouray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ouray 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 Ouray, Colorado
Property taxes in Ouray, Colorado are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Ouray is 0.42%, significantly lower than the U.S. national median of 0.99%. Local government entities within Ouray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ouray 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 Ouray's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81427 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Ouray provides valuable insights into the varying tax landscape across Ouray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ouray Tax Rate
0.42%
Average Ouray County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ouray, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81427 | 0.36% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Ouray, Colorado
In Ouray, 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 county's 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 Ouray, 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 Ouray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ouray is $572,090, with annual property tax bills ranging from $1,619 at the 25th percentile to $4,497 at the 90th percentile. The zip code 81427 has both the highest and lowest median tax bill, standing at $2,351.
Average Ouray Assessed Value
$572,090
Average Ouray County Assessed Value
$723,215
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ouray, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81427 | $213,653 | $385,850 | $572,090 | $788,255 | $1,077,047 |
Source: Ownwell
Property Tax Bills Across Ouray, Colorado
In Ouray, 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 then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Ouray is $572,090, and the tax rate is applied to this value to calculate the tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. For homeowners in Ouray, the property tax bill can vary significantly. At the 25th percentile, homeowners can expect to pay around $1,619 annually, while those at the 75th percentile may pay up to $3,235. At the 90th percentile, the tax bill can reach $4,497. The highest and lowest median tax bills in Ouray are both $2,351, reflecting a consistent rate in the zip code 81427. Compared to the national median property tax rate of 0.99%, Ouray's tax bills are relatively moderate, providing some relief to homeowners in this picturesque region.
Average Ouray Tax Bill
$2,351
Average Ouray County Tax Bill
$2,936
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Ouray, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81427 | $911 | $1,619 | $2,351 | $3,235 | $4,497 |
Source: Ownwell