Hamilton, Colorado Property Taxes
The median property tax rate in Hamilton, CO is 0.58%, which is lower than the national median of 0.99% but slightly higher than the Colorado state median of 0.55%. With the median home value in Hamilton at $391,040, the typical annual property tax bill amounts to $2,121, still below the national median of $2,690. Property taxes in Hamilton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hamilton'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 Hamilton 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
Hamilton, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$2,268
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, Colorado
Property taxes in Hamilton, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81638 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Hamilton provides valuable insights into the varying tax landscape across Routt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
0.58%
Average Routt County Tax Rate
0.38%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81638 | 0.45% | 0.49% | 0.58% | 0.96% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Colorado
In Hamilton, 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 Routt 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hamilton is $391,040, with the median tax bill ranging from $1,340 at the 25th percentile to $8,602 at the 90th percentile. Notably, the zip code 81638 has the highest and lowest median tax bill of $2,121.
Average Hamilton Assessed Value
$391,040
Average Routt County Assessed Value
$507,780
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81638 | $67,280 | $141,325 | $391,040 | $616,475 | $872,854 |
Source: Ownwell
Property Tax Bills Across Hamilton, Colorado
In Hamilton, Colorado, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Hamilton is $391,040. Tax rates in Hamilton can vary, but homeowners can expect to pay a significant amount depending on their property's value. For instance, the 25th percentile tax bill is $1,340, while the 75th percentile reaches $3,726, and the 90th percentile soars to $8,602. Several factors influence the final tax bill, including local tax rates, property assessments, and any applicable exemptions. These taxes fund essential public services such as education, infrastructure, and emergency services, directly impacting the community's quality of life. Comparing Hamilton's tax rates to the national median property tax rate of 0.99%, it's evident that homeowners in this area may face higher-than-average tax bills. Understanding these dynamics helps homeowners plan better and anticipate their financial obligations.
Average Hamilton Tax Bill
$2,121
Average Routt County Tax Bill
$2,259
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81638 | $487 | $1,340 | $2,121 | $3,726 | $8,602 |
Source: Ownwell