Elizabeth, Colorado Property Taxes
The median property tax rate in Elizabeth, CO is 0.62%, which is higher than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Elizabeth at $352,352, the typical annual property tax bill reaches $3,881, surpassing the national median of $2,690. Property taxes in Elizabeth are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Elizabeth'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 Elizabeth 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
Elizabeth, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Colorado
Property taxes in Elizabeth, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.62%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80107 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Elizabeth provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.62%
Average Douglas County Tax Rate
0.64%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | 0.59% | 0.60% | 0.62% | 0.78% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Colorado
In Elizabeth, 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 Douglas 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 Elizabeth, 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. The median home price in Elizabeth is $352,352, with tax bills ranging from $2,316 at the 25th percentile to $5,003 at the 90th percentile. The highest and lowest median tax bill in the area is $3,881, both found in the 80107 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elizabeth Assessed Value
$352,352
Average Douglas County Assessed Value
$496,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | $32,776 | $63,134 | $352,352 | $695,527 | $823,011 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Colorado
In Elizabeth, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The assessed value is determined by the county assessor's office and is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Douglas County, the median home price is $352,352. Tax bills can vary significantly; the 25th percentile tax bill is $2,316, while the 75th percentile tax bill reaches $4,583. At the higher end, the 90th percentile tax bill is $5,003. The highest median tax bill in the area is $3,881, found in zip code 80107, which is above the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual expenses and potentially affecting their ability to afford their homes. Understanding these factors is crucial for homeowners when budgeting and planning for the future.
Average Elizabeth Tax Bill
$3,881
Average Douglas County Tax Bill
$3,328
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | $1,377 | $2,316 | $3,881 | $4,583 | $5,003 |
Source: Ownwell