Elbert, Colorado Property Taxes
The median property tax rate in Elbert, CO is 0.48%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $386,211 in Elbert, the typical annual property tax bill amounts to $1,913, which is well below the national median of $2,690. Property taxes in Elbert are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Elbert'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 Elbert or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elbert, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,854
$1,720
Ownwell’s ELBERT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELBERT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELBERT 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 Elbert, Colorado
Property taxes in Elbert, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elbert is 0.48%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Elbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elbert 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 Elbert's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80106 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Elbert provides valuable insights into the varying tax landscape across Elbert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elbert Tax Rate
0.48%
Average Elbert County Tax Rate
0.56%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | 0.39% | 0.48% | 0.48% | 0.55% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Elbert, Colorado
In Elbert, 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 Elbert County Assessor's Office 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 Elbert, 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 Elbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elbert are both $1913, found in the 80106 zip code.
Average Elbert Assessed Value
$386,211
Average Elbert County Assessed Value
$469,640
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | $143,157 | $229,596 | $386,211 | $509,850 | $642,698 |
Source: Ownwell
Property Tax Bills Across Elbert, Colorado
In Elbert, CO, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Elbert is $386,211. Homeowners in this region experience property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $1,161, while the 75th percentile tax bill reaches up to $2,510. At the 90th percentile, the tax bill can be as high as $3,226. These figures reflect the diversity in property values and the corresponding tax obligations. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Elbert's property tax rate is compared to the national median rate of 0.99%, offering a perspective on how local rates align with broader trends. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly, ensuring they are prepared for their annual property tax obligations.
Average Elbert Tax Bill
$1,913
Average Elbert County Tax Bill
$2,641
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Elbert, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80106 | $758 | $1,161 | $1,913 | $2,510 | $3,226 |
Source: Ownwell