Oak Creek, Colorado Property Taxes
The median property tax rate in Oak Creek, CO is 0.65%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With the median home value in Oak Creek at $330,055, the typical annual property tax bill amounts to $2,160, falling below the national median of $2,690. Property taxes in Oak Creek are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oak 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 Oak 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
Oak Creek, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$2,145
$1,991
Ownwell’s Oak Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak 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 Oak Creek, Colorado
Property taxes in Oak Creek, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Creek is 0.65%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Oak Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak 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 Oak Creek's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80467 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Oak Creek provides valuable insights into the varying tax landscape across Routt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Creek Tax Rate
0.65%
Average Routt County Tax Rate
0.38%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | 0.46% | 0.57% | 0.65% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Oak Creek, Colorado
In Oak 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 Routt 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 Oak 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. Being aware of these valuation processes in Oak Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Creek is $330,055. The highest and lowest median tax bills are both $2,160, found in zip code 80467. The 25th percentile tax bill is $1,272, while the 75th percentile tax bill is $3,545, and the 90th percentile tax bill is $5,607.
Average Oak Creek Assessed Value
$330,055
Average Routt County Assessed Value
$507,780
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | $80,710 | $189,175 | $330,055 | $545,330 | $884,905 |
Source: Ownwell
Property Tax Bills Across Oak Creek, Colorado
In Oak Creek, CO, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. For instance, if a home has a market value of $330,055, the assessed value would be a percentage of this figure, depending on state regulations. The local tax rate in Oak Creek influences how much homeowners will pay. For example, the 25th percentile tax bill is $1,272, while the 75th percentile tax bill is $3,545, and the 90th percentile tax bill can reach up to $5,607. These figures illustrate the range of what residents might expect to pay, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, homeowners in Oak Creek may find their tax bills vary widely based on property value and local tax policies, affecting their annual financial planning and overall cost of homeownership.
Average Oak Creek Tax Bill
$2,160
Average Routt County Tax Bill
$2,259
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Creek, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80467 | $567 | $1,272 | $2,160 | $3,545 | $5,607 |
Source: Ownwell