Empire, Colorado Property Taxes
The median property tax rate in Empire, CO is 0.51%, considerably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Empire at $222,265, the typical annual property tax bill reaches $1,106, far below the national median of $2,690. Property taxes in Empire 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 Empire'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 Empire 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
Empire, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,134
Ownwell’s Empire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Empire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Empire 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 Empire, Colorado
Property taxes in Empire, Colorado, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Empire is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Empire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Empire 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 Empire's effective property tax rate to other areas in Clear Creek County and the national median. For comparison, the zip code 80438 has the highest median property tax rate of 0.51%, while zip code 80439 has the lowest median tax rate of 0.51%. Understanding how these areas compare with Empire 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 Empire Tax Rate
0.51%
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 Empire, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80438 | 0.50% | 0.51% | 0.51% | 0.53% | 0.54% |
| 80439 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Empire, Colorado
In Empire, 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 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 Empire, 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, in Empire, the median home price is $222,265, with the highest median tax bill in zip code 80438 at $1,107 and the lowest in zip code 80439 at $668. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Empire Assessed Value
$222,265
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 Empire, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80438 | $10,830 | $78,260 | $222,300 | $319,015 | $413,452 |
| 80439 | $131,140 | $131,140 | $131,140 | $131,140 | $131,140 |
Source: Ownwell
Property Tax Bills Across Empire, Colorado
In Empire, located in Clear Creek County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Empire can expect varying tax bills, influenced by factors such as the home's assessed value, local tax rates, and any applicable exemptions. For example, the median home price in Empire is approximately $222,265. Depending on the assessed value and the applicable tax rate, homeowners might see tax bills ranging from the 25th percentile at $433 to the 90th percentile at $2169. The highest median tax bill in the area is $1107 in the 80438 zip code, while the lowest is $668 in the 80439 zip code. Comparatively, Empire's property tax rates can be more favorable than the national median property tax rate of 0.99%, making it a relatively affordable location for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Empire Tax Bill
$1,106
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 Empire, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80438 | $57 | $428 | $1,107 | $1,660 | $2,169 |
| 80439 | $668 | $668 | $668 | $668 | $668 |
Source: Ownwell