Guffey, Colorado Property Taxes
The median property tax rate in Guffey, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Guffey at $314,053, the typical annual property tax bill comes to $1,159, well below the national median of $2,690. Property taxes in Guffey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Guffey'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 Guffey 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
Guffey, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$1,162
$1,078
Ownwell’s Guffey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guffey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guffey 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 Guffey, Colorado
Property taxes in Guffey, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guffey is 0.37%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Guffey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guffey 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 Guffey's effective property tax rate to other counties in Colorado and the national median. Understanding how these areas compare with Guffey provides valuable insights into the varying tax landscape across Park County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guffey Tax Rate
0.37%
Average Park County Tax Rate
0.44%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guffey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80820 | 0.30% | 0.37% | 0.37% | 0.37% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Guffey, Colorado
In Guffey, 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 Park 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 Guffey, 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 Guffey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Guffey is $314,053, with annual property tax bills ranging from $821 at the 25th percentile to $2,075 at the 90th percentile. The zip code 80820 has both the highest and lowest median tax bill at $1,159.
Average Guffey Assessed Value
$314,053
Average Park County Assessed Value
$344,823
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guffey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80820 | $160,842 | $227,800 | $314,053 | $430,498 | $555,667 |
Source: Ownwell
Property Tax Bills Across Guffey, Colorado
In Guffey, 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, and the tax rate is applied to this assessed value to determine the tax bill. In Park County, where Guffey is located, the median home price stands at $314,053. Homeowners in Guffey can expect property tax bills that range significantly. At the 25th percentile, tax bills are around $821, while at the 75th percentile, they rise to approximately $1,571. For those at the 90th percentile, tax bills can reach up to $2,075. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively. The highest and lowest median tax bills in the area both stand at $1,159, found in the 80820 zip code.
Average Guffey Tax Bill
$1,159
Average Park County Tax Bill
$1,504
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Guffey, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80820 | $538 | $821 | $1,159 | $1,571 | $2,075 |
Source: Ownwell