Summit County, Colorado Property Taxes
The median property tax rate in Summit County is 0.40%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Summit County at $629,250, the typical annual property tax bill reaches $2,627, which is just slightly below the national median of $2,690. Property taxes in Summit County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Summit County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Breckenridge or another part of Summit County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summit County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,517
$2,336
Ownwell’s Summit County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Summit County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Summit County, Colorado
Property taxes in Summit County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Summit County is 0.40%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Summit County set these rates annually, and they can vary significantly between different areas within the county. Each year, Summit County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Summit County's effective property tax rate with other counties in Colorado and the national median. For comparison, the city of Blue River has one of the higher property tax rates in Colorado at 0.45%, while the city of Breckenridge boasts one of the lowest at 0.40%. Analyzing how Summit County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit County, Colorado
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | N/A | N/A | N/A | N/A | N/A |
| Blue River | 0.45% | 0.45% | 0.45% | 0.50% | 0.52% |
| Breckenridge | 0.37% | 0.37% | 0.40% | 0.40% | 0.45% |
| Buffalo | N/A | N/A | N/A | N/A | N/A |
| Dillon | 0.40% | 0.40% | 0.40% | 0.41% | 0.42% |
| Frisco | 0.40% | 0.40% | 0.40% | 0.40% | 0.54% |
| Heeney | N/A | N/A | N/A | N/A | N/A |
| Keystone | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Montezuma | 0.40% | 0.42% | 0.42% | 0.42% | 0.42% |
| Silverthorne | 0.40% | 0.40% | 0.40% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Summit County, Colorado
In Summit County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Summit County Appraisal District. The assessed value, however, 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. Assessment notices in Summit County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Summit County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Blue River has the highest median tax bill at $4,346, while Keystone has the lowest at $1,825.
Property Tax Assessment Values Across Summit County, Colorado
Source: Ownwell
$459,600
$711,925
$964,250
Average Summit County Assessed Value
$629,250
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summit County, Colorado
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | N/A | N/A | N/A | N/A | N/A |
| Blue River | $631,510 | $681,675 | $964,250 | $1,254,725 | $1,649,110 |
| Breckenridge | $347,500 | $484,800 | $746,900 | $1,145,300 | $1,904,000 |
| Buffalo | N/A | N/A | N/A | N/A | N/A |
| Dillon | $231,200 | $363,700 | $539,350 | $721,125 | $1,069,750 |
| Frisco | $348,260 | $470,900 | $609,400 | $863,200 | $1,210,880 |
| Heeney | N/A | N/A | N/A | N/A | N/A |
| Keystone | $302,350 | $355,700 | $459,600 | $548,600 | $605,900 |
| Montezuma | $348,140 | $540,800 | $643,200 | $719,900 | $873,160 |
| Silverthorne | $290,500 | $397,200 | $597,300 | $918,025 | $1,330,800 |
Source: Ownwell
Property Tax Bills Across Summit County, Colorado
In Summit County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, market trends, and local government budgets influence the assessed value and, consequently, the tax bill. For homeowners, this means that an increase in market value or changes in local tax rates can lead to higher property taxes. In Summit County, the median home price is $629,250, contributing to varying tax bills. For instance, the 25th percentile tax bill is $1,820, while the 75th percentile reaches $3,799, and the 90th percentile can be as high as $6,069. The highest median tax bill in the county is found in Blue River at $4,346, whereas the lowest is in Keystone at $1,825. Understanding these factors can help homeowners anticipate and manage their property tax obligations.
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit County, Colorado
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | N/A | N/A | N/A | N/A | N/A |
| Blue River | $2,846 | $3,072 | $4,346 | $5,812 | $8,336 |
| Breckenridge | $1,399 | $1,951 | $2,967 | $4,585 | $7,837 |
| Buffalo | N/A | N/A | N/A | N/A | N/A |
| Dillon | $920 | $1,464 | $2,210 | $3,027 | $4,374 |
| Frisco | $1,522 | $2,050 | $2,681 | $3,603 | $4,909 |
| Heeney | N/A | N/A | N/A | N/A | N/A |
| Keystone | $1,201 | $1,413 | $1,825 | $2,179 | $2,406 |
| Montezuma | $1,460 | $2,267 | $2,612 | $2,926 | $4,255 |
| Silverthorne | $1,320 | $1,896 | $2,578 | $3,795 | $6,389 |
Source: Ownwell