Example of Eagle County Property Tax Calculation
Eagle County calculates property tax based on the value of the property. To determine the assessed value, the county will first determine the market value of the property. For example, if a home is valued at $500,000, the county will then apply the assessment rate, which is currently set at 7.2%.
To calculate the property tax, the assessed value is then multiplied by the mill levy rate. The mill levy is the tax rate used to calculate the property tax and is set by the county, school district, and other local governing bodies. For instance, if the total mill levy rate for a property is 100 mills, then the property tax would be calculated as follows:
Assessed value of property = $500,000 (market value) x 7.2% (assessment rate) = $36,000 Property tax = $36,000 (assessed value) x 100 mills (mill levy rate) / 1,000 = $3,600
Therefore, the property tax for a $500,000 home in Eagle County with a 7.2% assessment rate and a 100 mill levy rate would be $3,600.
If you want appeal your property tax assessment - contact your local tax assessor.
Eagle County Property Tax Rates
Here are the Eagle County Property Tax rates as of 2021, listed in a formatted table:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.950 |
| Eagle County School District | $2.890 |
| Town of Avon | $1.516 |
| Town of Basalt | $3.605 |
| Town of Eagle | $3.325 |
| Town of Gypsum | $2.283 |
| Town of Minturn | $2.460 |
| Town of Red Cliff | $8.812 |
| Town of Vail | $1.976 |
Please note that property tax rates may vary based on the specific property's location within Eagle County and any applicable special district taxes. It's important to consult with a qualified tax advisor for personalized guidance on property tax matters.
Who sets property tax rates in Eagle County ?
The property tax rates in Eagle County, USA are set by the County Commissioners in collaboration with the County Assessor's Office. The rates are established annually and are based on the assessed value of the property. The tax is paid by property owners, and the revenue generated is used for funding public services and infrastructure development in the county. It is important to note that property tax rates can vary depending on the location, type, and use of the property. Overall, property tax rates in Eagle County are generally considered reasonable and competitive compared to other regions in the US.
Homestead exemptions in Eagle County ?
To understand the various homestead exemptions and deductions in Eagle County, Colorado, the following table provides an overview of the applicable exemptions, eligibility criteria, amounts, and noteworthy details:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Citizen Exemption | Age 65+ and owned property for at least 10 years | Up to 50% of the first $200,000 in actual value of the primary residence | Must apply by July 15 |
| Disabled Veteran Exemption | Honorable discharge and rated 100% disabled by the VA | Up to 50% of the first $200,000 in actual value of the primary residence | Must apply by July 15 |
| Surviving Spouse of a Peace Officer or Firefighter Exemption | Spouse of a peace officer or firefighter killed in the line of duty | $10,000 in actual value of primary residence | Must apply by July 15 |
| Agricultural Land Exemption | Land used for agricultural purposes | Up to 50% exemption of assessed value | Property must generate at least $1,500 in annual gross income |
| Renewable Energy Equipment Exemption | Property with solar, wind, or geothermal energy equipment | 100% exemption of assessed value | Applies for 10 years |
| Conservation Easement Exemption | Property with a conservation easement | Determined by Eagle County Conservation Easement Program | Contact program for more information |
It is important to note that eligibility and requirements for these exemptions may vary based on individual circumstances. Property owners are encouraged to contact the Eagle County Assessor's Office for more detailed information and to ensure proper application processes are followed.
When is Eagle County Property Tax due ?
Eagle County Property Tax Due Date and Payment Methods
Eagle County Property Tax is typically due on April 30th every year. However, if this date falls on a weekend or holiday, the deadline may be extended to the next business day.
There are several ways to make a payment for Eagle County Property Tax. Taxpayers can choose to pay online, by mail, phone, or in person. Here are the different payment methods:
| Payment Method | Description |
|---|---|
| Online | Taxpayers can pay their property tax online using a credit card or e-check through the Eagle County Treasurer's Office website. |
| Taxpayers can mail their payments along with the payment coupon to the Eagle County Treasurer's Office. | |
| Phone | Taxpayers can make a payment by phone using a credit or debit card by calling the Eagle County Treasurer's Office. |
| In Person | Taxpayers can make a payment in person at the Eagle County Treasurer's Office during regular business hours. |
It's important to note that the Eagle County Treasurer's Office does not accept cash payments.
Taxpayers who are unable to make their payments by the due date may be subject to penalties and interest fees. To avoid late fees, it's recommended to make payments on or before the due date.
In summary, Eagle County Property Tax is typically due on April 30th and can be paid online, by mail, phone, or in person. Taxpayers should ensure to make payments on time to avoid any penalties or interest fees.
If you have more questions - contact your local tax collector.
How is Eagle County Property Tax penalty calculated ?
Eagle County Property Tax Penalty Calculation
Eagle County imposes penalties on late property tax payments. The penalty amount is calculated based on the outstanding amount of taxes owed and the time period that the payment is late.
The penalty is applied as follows:
- A 1% penalty is applied on the first day after the due date.
- An additional 1% penalty is added on the 30th day after the due date.
- An additional 1% penalty is added on the 60th day after the due date.
- An additional 1% penalty is added on the 90th day after the due date.
Example:
Suppose an individual owes $10,000 in property taxes due on December 1st. The individual does not make the payment until March 1st of the following year, which is 90 days late.
- On December 2nd, a 1% penalty of $100 is added.
- On December 31st, an additional 1% penalty of $100 is added.
- On January 30th, another 1% penalty of $100 is added.
- On March 1st, the final 1% penalty of $100 is added.
In total, the individual would owe $10,400 in taxes and penalties, which is 4% of the original amount owed. Therefore, it is important for property owners in Eagle County to pay their property taxes on time to avoid late payment penalties.
We recommend contacting the Eagle County Tax Office or a local tax professional for the most up-to-date and accurate information.