Woody Creek, Colorado Property Taxes
The median property tax rate in Woody Creek, CO is 0.22%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Woody Creek at $2,372,300, the typical annual property tax bill reaches $5,287, which exceeds the national median of $2,690. Property taxes in Woody Creek are calculated based on the assessed value, which is often below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Woody Creek'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 Woody Creek 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
Woody Creek, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$5,219
Ownwell’s Woody Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woody Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woody Creek 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 Woody Creek, Colorado
Property taxes in Woody Creek, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woody Creek is 0.22%, which is significantly lower than both the Pitkin County median and the U.S. national median of 0.99%. Local government entities within Woody Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woody Creek 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 Woody Creek's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the state is found in 81611 with a rate of 0.67%, while the lowest median tax rate is in 81656 at 0.18%. Understanding how these cities compare with Woody Creek 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 Woody Creek Tax Rate
0.22%
Average Pitkin County Tax Rate
0.26%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woody Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81656 | 0.21% | 0.22% | 0.22% | 0.41% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Woody Creek, Colorado
In Woody Creek, 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 Woody Creek, 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 median home price in Woody Creek is $2,372,300, with tax bills ranging from $2,534 at the 25th percentile to $16,452 at the 90th percentile. The highest and lowest median tax bills in the area are both $5,287, found in the 81656 zip code. Being aware of these valuation processes in Woody Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Woody Creek, Colorado
Source: Ownwell
$254,900
$3,919,500
$7,584,100
Average Woody Creek Assessed Value
$2,372,300
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 Woody Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81656 | $250,040 | $455,550 | $2,372,300 | $4,926,700 | $7,494,900 |
Source: Ownwell
Property Tax Bills Across Woody Creek, Colorado
In Woody Creek, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, if a home has a median market price of $2,372,300, the assessed value is determined by the county assessor. The tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Woody Creek can expect tax bills that range significantly depending on their property's value. For instance, the 25th percentile tax bill is around $2,534, while the 75th percentile tax bill reaches $10,810, and the 90th percentile tax bill can be as high as $16,452. These figures indicate that property taxes in Woody Creek can vary widely, impacting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Woody Creek may find their tax bills to be relatively high due to the high market values of properties in the area.
Average Woody Creek Tax Bill
$5,287
Average Pitkin County Tax Bill
$4,527
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Woody Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81656 | $997 | $2,534 | $5,287 | $10,810 | $16,452 |
Source: Ownwell