Springfield, Colorado Property Taxes
The median property tax rate in Springfield, CO is 0.73%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $46,534, the typical annual property tax bill in Springfield amounts to $293, significantly below the national median of $2,690. Property taxes in Springfield are based on the tax assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Springfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Springfield or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springfield, 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 Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Colorado
Property taxes in Springfield, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.73%, lower than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81073 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Baca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.73%
Average Baca County Tax Rate
0.73%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81073 | 0.36% | 0.60% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Colorado
In Springfield, 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 Baca 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Springfield is $293 in the 81073 zip code, while the lowest median tax bill is also $293 in the same zip code.
Average Springfield Assessed Value
$46,534
Average Baca County Assessed Value
$38,447
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81073 | $13,681 | $23,680 | $46,534 | $87,899 | $151,213 |
Source: Ownwell
Property Tax Bills Across Springfield, Colorado
In Springfield, located in Baca County, CO, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners, this means that the higher the market value of their home, the higher their property tax bill will be. The median home price in Springfield is $46,534, and property taxes are applied to this assessed value to determine the final bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. The tax bills in Springfield range significantly, with the 25th percentile at $152, the 75th percentile at $566, and the 90th percentile reaching up to $1,009. Despite these variations, the median tax bill in Springfield is relatively low compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as they directly impact their annual financial obligations. By staying informed, homeowners can better anticipate their property tax responsibilities and manage their budgets accordingly.
Average Springfield Tax Bill
$293
Average Baca County Tax Bill
$265
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81073 | $88 | $152 | $293 | $566 | $1,009 |
Source: Ownwell