Olney Springs, Colorado Property Taxes
The median property tax rate in Olney Springs, CO is 0.55%, aligning with the Colorado state median but significantly lower than the national median of 0.99%. With a median home value of $246,784 in Olney Springs, the typical annual property tax bill is $915, which is notably less than the national median of $2,690. Property taxes in Olney Springs are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Olney Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Olney 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
Olney Springs, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,357
Ownwell’s Olney Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olney Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olney 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olney Springs, Colorado
Property taxes in Olney 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 Olney Springs is 0.55%, notably lower than the U.S. national median of 0.99%. Local government entities within Olney Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olney 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 Olney Springs' effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81062 has both the highest and the lowest median property tax rate of 0.55%. Understanding how these cities compare with Olney Springs provides valuable insights into the varying tax landscape across Pueblo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olney Springs Tax Rate
0.55%
Average Pueblo County Tax Rate
0.69%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olney Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81062 | 0.34% | 0.35% | 0.55% | 1.13% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Olney Springs, Colorado
In Olney 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 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 Olney 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 Olney Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Olney Springs is $246,784, with the highest and lowest median tax bills both being $915 in the 81062 zip code.
Property Tax Assessment Values Across Olney Springs, Colorado
Source: Ownwell
$8,050
$552,462
$1,096,874
Average Olney Springs Assessed Value
$246,784
Average Pueblo County Assessed Value
$185,177
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olney Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81062 | $90,523 | $165,245 | $246,784 | $270,245 | $416,715 |
Source: Ownwell
Property Tax Bills Across Olney Springs, Colorado
In Olney Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the Pueblo County Assessor’s Office. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. For instance, with a median home price of $246,784, homeowners can expect varying tax bills depending on their property's assessed value and applicable tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Olney Springs, the tax bill at the 25th percentile is $822, while at the 75th percentile, it's $952. Homeowners at the 90th percentile face a tax bill of $3,867. These figures highlight the range of property tax obligations in the area, which can significantly impact household budgets. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners in Olney Springs to understand their specific tax obligations and plan accordingly.
Average Olney Springs Tax Bill
$915
Average Pueblo County Tax Bill
$1,150
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Olney Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81062 | $661 | $822 | $915 | $952 | $3,867 |
Source: Ownwell