Woodland Park, Colorado Property Taxes
The median property tax rate in Woodland Park, CO is 0.55%, which aligns with the state median but is significantly lower than the national median of 0.99%. With a median home value of $372,427 in Woodland Park, the typical annual property tax bill is around $1,854, well below the national median of $2,690. Property taxes in Woodland Park are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Woodland Park's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Woodland Park or another part of the city, familiarizing yourself with the local property tax system can offer significant financial benefits.
Last Updated June 14, 2024
Woodland Park, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$2,048
Ownwell’s Woodland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodland Park 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 Woodland Park, Colorado
Property taxes in Woodland Park, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodland Park is 0.55%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Woodland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodland Park 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 Woodland Park's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80863 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Woodland Park provides valuable insights into the varying tax landscape across Teller County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodland Park Tax Rate
0.55%
Average Teller County Tax Rate
0.39%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodland Park, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | 0.39% | 0.45% | 0.55% | 0.56% | 0.56% |
| 80866 | 0.29% | 0.30% | 0.32% | 0.34% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Woodland Park, Colorado
In Woodland Park, 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 Teller 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 Woodland Park, 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. For instance, the highest median tax bill in Woodland Park is $1,855 in the 80863 zip code, while the lowest is $730 in the 80866 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Woodland Park, Colorado
Source: Ownwell
$128,780
$250,608
$372,436
Average Woodland Park Assessed Value
$372,427
Average Teller County Assessed Value
$324,386
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodland Park, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | $174,055 | $282,688 | $372,436 | $473,492 | $585,529 |
| 80866 | $175,541 | $193,032 | $222,184 | $251,337 | $268,828 |
Source: Ownwell
Property Tax Bills Across Woodland Park, Colorado
In Woodland Park, located in Teller County, CO, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The median home price in Woodland Park is $372,427. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,337, while the 75th percentile tax bill is approximately $2,404. At the 90th percentile, the tax bill can reach up to $3,043. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in the zip code 80863 experience the highest median tax bill at $1,855, while those in the zip code 80866 benefit from the lowest median tax bill at $730. Compared to the national median property tax rate of 0.99%, Woodland Park's rates can vary, impacting homeowners' financial planning and overall housing affordability.
Average Woodland Park Tax Bill
$1,854
Average Teller County Tax Bill
$1,276
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodland Park, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80863 | $783 | $1,337 | $1,855 | $2,405 | $3,043 |
| 80866 | $510 | $593 | $730 | $867 | $949 |
Source: Ownwell