Elbert, Colorado Property Taxes
The median property tax rate in Elbert, CO is 0.48%, which is significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $489,618 in Elbert, the typical annual property tax bill amounts to $2,246, falling below the national median of $2,690. Property taxes in Elbert are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Elbert's property tax system, exploring available exemptions, and uncovering opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Elbert or another neighborhood within the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elbert, 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 ELBERT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELBERT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELBERT 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 Elbert, Colorado
Property taxes in Elbert, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elbert is 0.48%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Elbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elbert 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 Elbert's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80106 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Elbert 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 Elbert Tax Rate
0.48%
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 Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | 0.37% | 0.41% | 0.48% | 0.48% | 0.48% |
| 80831 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Elbert, Colorado
In Elbert, 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 Assessor's Office 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 Elbert, 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 Elbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $2,249 in the 80106 zip code, while the lowest is $152 in the 80831 zip code.
Average Elbert Assessed Value
$489,618
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 Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | $333,962 | $413,672 | $489,920 | $586,104 | $669,472 |
| 80831 | $40,300 | $40,300 | $40,300 | $40,300 | $40,300 |
Source: Ownwell
Property Tax Bills Across Elbert, Colorado
In Elbert, located in El Paso County, CO, property tax bills are determined by several key factors. The primary component is the assessed value of the property, which is a percentage of the market value. For instance, the median home price in Elbert is $489,618. This assessed value is then multiplied by the local tax rate to calculate the property tax bill. The tax rate in Elbert is influenced by various local government needs and services, including education, infrastructure, and public safety. Homeowners in Elbert can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $1,830, while the 75th percentile reaches $2,706. At the 90th percentile, homeowners might pay as much as $3,138. Comparatively, the highest median tax bill in the region is $2,249 in the 80106 zip code, whereas the lowest is $152 in the 80831 zip code. These variations highlight the impact of location and property value on tax obligations, significantly affecting homeowners' annual budgets.
Average Elbert Tax Bill
$2,246
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 Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | $1,401 | $1,839 | $2,249 | $2,707 | $3,139 |
| 80831 | $152 | $152 | $152 | $152 | $152 |
Source: Ownwell