Idaho Springs, Colorado Property Taxes
The median property tax rate in Idaho Springs, CO is 0.52%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $302,960 in Idaho Springs, the typical annual property tax bill amounts to $1,593, well below the national median of $2,690. Property taxes in Idaho Springs are determined based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Idaho Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Idaho Springs 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
Idaho Springs, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,575
Ownwell’s Idaho Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Idaho Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idaho Springs 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 Clear Creek County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Idaho Springs, Colorado
Property taxes in Idaho Springs, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Idaho Springs is 0.52%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Idaho Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Idaho Springs 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 Idaho Springs' effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80452 has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Idaho Springs provides valuable insights into the varying tax landscape across Clear Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Idaho Springs Tax Rate
0.52%
Average Clear Creek County Tax Rate
0.54%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | 0.40% | 0.51% | 0.52% | 0.52% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Idaho Springs, Colorado
In Idaho Springs, 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 Clear Creek 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 Idaho Springs, 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. Being aware of these valuation processes in Idaho Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Idaho Springs is $302,960, with the median tax bill at $1,593, consistent across all zip codes, including 80452.
Property Tax Assessment Values Across Idaho Springs, Colorado
Source: Ownwell
$131,140
$334,720
$538,300
Average Idaho Springs Assessed Value
$302,960
Average Clear Creek County Assessed Value
$360,990
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | $84,263 | $219,605 | $302,960 | $398,380 | $512,234 |
Source: Ownwell
Property Tax Bills Across Idaho Springs, Colorado
In Idaho Springs, located in Clear Creek County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Idaho Springs is $302,960. The tax rate in this region is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions. Homeowners in Idaho Springs can expect a wide range of tax bills. For instance, those in the 25th percentile pay around $1,086 annually, while those in the 75th percentile pay approximately $2,142. The top 10% of homeowners face tax bills as high as $2,717. The median tax bill stands at $1,593, which is above the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Idaho Springs Tax Bill
$1,593
Average Clear Creek County Tax Bill
$1,938
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | $458 | $1,086 | $1,593 | $2,142 | $2,717 |
Source: Ownwell