Somerset, Colorado Property Taxes
The median property tax rate in Somerset, CO is 0.40%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Somerset at $212,705, the typical annual property tax bill is $936, well below the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset 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
Somerset, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$851
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Colorado
Property taxes in Somerset, CO, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Somerset is 0.40%, which is significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in the area is 0.50% in the 81230 zip code, while the lowest median tax rate is 0.30% in the 81237 zip code. Understanding how these cities compare with Somerset provides valuable insights into the varying tax landscape across Gunnison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
0.40%
Average Gunnison County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81434 | 0.38% | 0.39% | 0.40% | 0.41% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Colorado
In Somerset, 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 Gunnison 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 Somerset, 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. The highest median tax bill in Somerset is $936 in the 81434 zip code, while the lowest is also $936 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Somerset Assessed Value
$212,705
Average Gunnison County Assessed Value
$413,850
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81434 | $52,245 | $83,152 | $212,705 | $407,518 | $781,018 |
Source: Ownwell
Property Tax Bills Across Somerset, Colorado
In Somerset, located in Gunnison 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 Somerset is $212,705. Homeowners can expect their tax bills to vary significantly depending on the assessed value. For instance, the tax bill at the 25th percentile is $334, while at the 75th percentile, it rises to $1,765, and at the 90th percentile, it can reach up to $3,344. These figures highlight the range of property tax burdens that homeowners might face. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Somerset’s tax rates can be considered moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Somerset Tax Bill
$936
Average Gunnison County Tax Bill
$1,892
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81434 | $211 | $334 | $936 | $1,765 | $3,344 |
Source: Ownwell