Hot Sulphur Springs, Colorado Property Taxes
The median property tax rate in Hot Sulphur Springs, CO is 0.47%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $251,085, the typical annual property tax bill in Hot Sulphur Springs is $1,154, well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hot Sulphur Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Sulphur 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
Hot Sulphur Springs, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,180
Ownwell’s Hot Sulphur Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Sulphur Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Sulphur 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 Hot Sulphur Springs, Colorado
Property taxes in Hot Sulphur Springs, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Sulphur Springs is 0.47%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Hot Sulphur Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Sulphur 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 Hot Sulphur Springs' effective property tax rate to other counties in Colorado and the national median. For comparison, the 80451 zip code has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Hot Sulphur Springs provides valuable insights into the varying tax landscape across Grand County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Sulphur Springs Tax Rate
0.47%
Average Grand County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Sulphur Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80451 | 0.36% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Hot Sulphur Springs, Colorado
In Hot Sulphur 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 Grand 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 Hot Sulphur 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 Hot Sulphur Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,154, found in zip code 80451.
Property Tax Assessment Values Across Hot Sulphur Springs, Colorado
Source: Ownwell
$251,085
$404,333
$557,580
Average Hot Sulphur Springs Assessed Value
$251,085
Average Grand County Assessed Value
$403,230
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Sulphur Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80451 | $74,249 | $168,910 | $251,085 | $345,170 | $423,421 |
Source: Ownwell
Property Tax Bills Across Hot Sulphur Springs, Colorado
In Hot Sulphur Springs, located in Grand 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 the area is $251,085. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill of around $678, while those in the 75th percentile might see a bill closer to $1,546. The highest median tax bill in the region is $1,154, which aligns with the national median property tax rate of 0.99%. These taxes fund essential public services, such as schools and infrastructure, directly impacting the quality of life for residents. Understanding how these factors contribute to your property tax bill can help homeowners plan and budget more effectively, ensuring they are prepared for annual tax obligations.
Average Hot Sulphur Springs Tax Bill
$1,154
Average Grand County Tax Bill
$1,913
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Sulphur Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80451 | $323 | $678 | $1,154 | $1,546 | $1,979 |
Source: Ownwell