Abbeville, Colorado Property Taxes
The median property tax rate in Abbeville, CO is 0.37%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $798,100 in Abbeville, the typical annual property tax bill reaches $2,916, which is above the national median of $2,690. Property taxes in Abbeville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Abbeville'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 Abbeville or another part of Summit County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Abbeville, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$2,953
$2,740
Ownwell’s Abbeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abbeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abbeville 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 Abbeville, Colorado
Property taxes in Abbeville, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abbeville is 0.37%, significantly lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Abbeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abbeville 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 Abbeville's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in zip code 80202, with a rate of 0.72%, while the lowest median tax rate is in zip code 80401 at 0.29%. Understanding how these cities compare with Abbeville provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abbeville Tax Rate
0.37%
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abbeville, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36310 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Abbeville, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Abbeville, Colorado. 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 Summit County Appraisal District 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. Assessment notices in Abbeville 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 Abbeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 36310 has both the highest and lowest median tax bills, each amounting to $2,916.
Average Abbeville Assessed Value
$798,100
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 Abbeville, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36310 | $798,100 | $798,100 | $798,100 | $798,100 | $798,100 |
Source: Ownwell
Property Tax Bills Across Abbeville, Colorado
In Abbeville, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Abbeville is $798,100, and the property tax rate in Summit County is set to generate essential revenue for local services. The tax bill is derived by applying the local tax rate to the assessed value of the property. Factors such as the property's market value, location, and any applicable exemptions or deductions are considered in determining the final tax bill. For homeowners in Abbeville, the median property tax bill stands at $2,916, which is significantly lower than the national median property tax rate of 0.99%. This relatively modest tax burden can make homeownership more affordable, while still ensuring that the necessary funds are available for public services like schools, infrastructure, and emergency services. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Abbeville Tax Bill
$2,916
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Abbeville, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36310 | $2,916 | $2,916 | $2,916 | $2,916 | $2,916 |
Source: Ownwell