Simla, Colorado Property Taxes
The median property tax rate in Simla, CO is 0.34%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Simla at $231,802, the typical annual property tax bill reaches $726, significantly below the national median of $2,690. Property taxes in Simla are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Simla'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 Simla or another part of El Paso County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Simla, 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 Simla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simla 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 Simla, Colorado
Property taxes in Simla, Colorado, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Simla is 0.45%, which is lower than both the Colorado state median of 0.51% and the U.S. national median of 0.99%. Local government entities within Simla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simla 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 Simla's effective property tax rate to other counties in Colorado and the national median. For comparison, 80521 has the highest median property tax rate of 0.61%, while 80124 has the lowest median tax rate of 0.32%. Understanding how these cities compare with Simla provides valuable insights into the varying tax landscape across Elbert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Simla Tax Rate
0.34%
Average El Paso County Tax Rate
0.42%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simla, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | 0.27% | 0.34% | 0.34% | 0.34% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Simla, Colorado
In Simla, 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 El Paso County 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 Simla, 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 median home price in Simla is $231,802, with tax bills ranging significantly— from $95 at the 25th percentile to $1,224 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Simla Assessed Value
$231,802
Average El Paso County Assessed Value
$319,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Simla, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | $4,235 | $27,750 | $231,802 | $303,658 | $360,997 |
Source: Ownwell
Property Tax Bills Across Simla, Colorado
In Simla, located in El Paso 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 Simla is $231,802. To determine the tax bill, local tax rates are applied to this assessed value. Factors such as property improvements, neighborhood developments, and local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Simla experience a range of property tax bills. At the 25th percentile, tax bills are around $95, while at the 75th percentile, they reach approximately $1,027. For those at the 90th percentile, tax bills can be as high as $1,224. Compared to the national median property tax rate of 0.99%, Simla's property tax bills reflect the local economic conditions and property values. These tax bills fund essential public services, impacting homeowners by contributing to community well-being and infrastructure development.
Average Simla Tax Bill
$726
Average El Paso County Tax Bill
$1,379
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Simla, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | $15 | $95 | $726 | $1,027 | $1,224 |
Source: Ownwell