Redstone, Colorado Property Taxes
The median property tax rate in Redstone, CO is 0.49%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Redstone, the typical annual property tax bill reaches $1,585, which is significantly below the national median of $2,690. Property taxes in Redstone 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 Redstone'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 Redstone 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
Redstone, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,599
Ownwell’s Redstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redstone 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 Redstone, Colorado
Property taxes in Redstone, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redstone is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Redstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redstone 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 Redstone's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81623 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Redstone provides valuable insights into the varying tax landscape across Pitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Redstone Tax Rate
0.49%
Average Pitkin County Tax Rate
0.26%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redstone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81623 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Redstone, Colorado
In Redstone, 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 Pitkin 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 Redstone, 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 Redstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Redstone are both $1,585, found in the 81623 zip code.
Average Redstone Assessed Value
$326,400
Average Pitkin County Assessed Value
$1,237,200
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Redstone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81623 | $326,400 | $326,400 | $326,400 | $326,400 | $326,400 |
Source: Ownwell
Property Tax Bills Across Redstone, Colorado
In Redstone, property tax bills are calculated based on the assessed value of your property, which is determined by the Pitkin County Assessor's Office. The assessed value is a percentage of the market value of your home. For example, if your home has a market value of $326,400, the assessed value would be a fraction of this amount, depending on local assessment ratios. Once the assessed value is established, the property tax rate is applied. In Redstone, the median property tax bill is $1,585, which is relatively moderate compared to the national median property tax rate of 0.99%. This means that homeowners in Redstone can expect a more predictable and manageable tax bill. Factors such as property improvements, location, and local levies can influence the final tax amount. Understanding how these elements interact helps homeowners anticipate their tax obligations and manage their finances more effectively. This system ensures that property taxes are fairly distributed based on property values and local needs.
Average Redstone Tax Bill
$1,585
Average Pitkin County Tax Bill
$4,527
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Redstone, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81623 | $1,585 | $1,585 | $1,585 | $1,585 | $1,585 |
Source: Ownwell