Florence, Colorado Property Taxes
The median property tax rate in Florence, CO is 0.35%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Florence at $384,690, the typical annual property tax bill amounts to $1,420, well below the national median of $2,690. Property taxes in Florence are calculated 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 Florence'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 Florence 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
Florence, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$1,346
Ownwell’s Florence Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, our calculator uses the median tax rate in Florence to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Custer County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Florence, Colorado
Property taxes in Florence, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.35%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence'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 80111, with a rate of 0.6%, while the lowest median tax rate is in 81657, with a rate of 0.2%. Understanding how these cities compare with Florence provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
0.35%
Average Custer County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | 0.27% | 0.35% | 0.35% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Colorado
In Florence, 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 local 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. In Florence, 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,420, found in the zip code 81226.
Average Florence Assessed Value
$384,690
Average Custer County Assessed Value
$218,072
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | $230,057 | $292,652 | $384,690 | $423,503 | $635,678 |
Source: Ownwell
Property Tax Bills Across Florence, Colorado
In Florence, located in Custer County, CO, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Florence is $384,690. Property taxes are influenced by various factors, including property size, location, and market conditions. Homeowners in Florence can expect to pay a range of property taxes, with the 25th percentile tax bill being $929, the 75th percentile at $1,800, and the 90th percentile reaching up to $2,183. The median property tax bill in Florence is $1,420, which is slightly above the national median property tax rate of 0.99%. These taxes fund essential community services such as schools, infrastructure, and emergency services. Understanding how these bills are determined can help homeowners better manage their finances and plan for future expenses.
Average Florence Tax Bill
$1,420
Average Custer County Tax Bill
$996
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | $737 | $929 | $1,420 | $1,800 | $2,183 |
Source: Ownwell