Blue River, Colorado Property Taxes
The median property tax rate in Blue River, CO is 0.45%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Blue River at $964,250, the typical annual property tax bill reaches $4,346, surpassing the national median of $2,690. Property taxes in Blue River 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 Blue River'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 Blue River 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
Blue River, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$4,339
Ownwell’s Blue River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blue River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blue River 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 Blue River, Colorado
Property taxes in Blue River, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blue River is 0.45%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Blue River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blue River 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 Blue River's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80424 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Blue River 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 Blue River Tax Rate
0.45%
Average Summit County Tax Rate
0.40%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blue River, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80424 | 0.45% | 0.45% | 0.45% | 0.50% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Blue River, Colorado
In Blue River, 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 Summit 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 Blue River, 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. Blue River's median home price is $964,250, and the tax bill varies significantly. The zip code 80424 has both the highest and lowest median tax bills at $4,346. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Blue River Assessed Value
$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 Blue River, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80424 | $631,510 | $681,675 | $964,250 | $1,254,725 | $1,649,110 |
Source: Ownwell
Property Tax Bills Across Blue River, Colorado
In Blue River, CO, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Blue River, the median home price is $964,250. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, the tax bill for the 25th percentile is $3,072, while the 75th percentile tax bill is $5,812, and the 90th percentile tax bill reaches $8,336. These figures illustrate the variation in tax bills based on property values within the area. Compared to the national median property tax rate of 0.99%, Blue River's tax bills reflect the high property values in the region, impacting homeowners significantly. The highest and lowest median tax bills in Blue River are both $4,346, indicating a consistent tax rate across different properties within the same zip code.
Average Blue River Tax Bill
$4,346
Average Summit County Tax Bill
$2,627
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Blue River, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80424 | $2,846 | $3,072 | $4,346 | $5,812 | $8,336 |
Source: Ownwell