Sweetwater, Colorado Property Taxes
The median property tax rate in Sweetwater, CO is 0.46%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value in Sweetwater of $233,552, the typical annual property tax bill amounts to $1,077, well below the national median of $2,690. Property taxes in Sweetwater are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Sweetwater'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 Sweetwater or another part of the city, familiarizing yourself with the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sweetwater, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$1,074
$997
Ownwell’s Sweetwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater 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 Sweetwater, Colorado
Property taxes in Sweetwater, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.46%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 37874 has both the highest and lowest median property tax rate of 0.46%, mirroring Sweetwater's rate. Understanding how these cities compare with Sweetwater provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweetwater Tax Rate
0.46%
Average Custer County Tax Rate
0.46%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Colorado
In Sweetwater, 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 Custer 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 Sweetwater, 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sweetwater is $233,552. The highest and lowest median tax bills are both $1077, found in the 37874 zip code.
Average Sweetwater Assessed Value
$233,552
Average Custer County Assessed Value
$218,072
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweetwater, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $233,552 | $233,552 | $233,552 | $233,552 | $233,552 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Colorado
In Sweetwater, located in Custer County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home's market value, reflecting its worth in the current real estate market. Factors influencing the assessed value include the property's size, location, condition, and comparable property sales in the area. Homeowners in Sweetwater can expect a median property tax bill of $1,077, which is relatively consistent across different percentiles, including the 25th, 75th, and 90th percentiles. This indicates a uniform approach to property tax assessments in the area. Compared to the national median property tax rate of 0.99%, Sweetwater's tax rate provides a clear picture of the local tax burden on homeowners. Understanding the components of property tax calculations helps homeowners anticipate their annual tax obligations, which can influence decisions related to homeownership, property improvements, and long-term financial planning.
Average Sweetwater Tax Bill
$1,077
Average Custer County Tax Bill
$996
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37874 | $1,077 | $1,077 | $1,077 | $1,077 | $1,077 |
Source: Ownwell