Elizabeth, Elbert County, Colorado Property Taxes
The median property tax rate in Elizabeth, CO is 0.56%, slightly higher than the Colorado state median of 0.55% but lower than the national median of 0.99%. With a median home value of $480,663 in Elizabeth, the typical annual property tax bill reaches $2,893, surpassing the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Elizabeth'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 Elizabeth 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
Elizabeth, Elbert County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,692
$2,498
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Elbert County, Colorado
Property taxes in Elizabeth, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80107 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Elizabeth 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 Elizabeth Tax Rate
0.56%
Average Elbert County Tax Rate
0.56%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | 0.46% | 0.56% | 0.56% | 0.71% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Elbert County, Colorado
In Elizabeth, 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 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 Elizabeth, 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 Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80107 has the highest and lowest median tax bill at $2,893, offering a useful benchmark for property owners in the area.
Property Tax Assessment Values Across Elizabeth, Elbert County, Colorado
Source: Ownwell
$134,650
$363,700
$592,749
Average Elizabeth Assessed Value
$480,663
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 Elizabeth, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | $282,038 | $391,432 | $480,663 | $585,025 | $700,581 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Elbert County, Colorado
In Elizabeth, CO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The county assessor determines this value, and the property tax rate is applied to it. Elizabeth falls within Elbert County, where the median home price is $480,663. Homeowners in this area can expect property tax bills to vary significantly. At the 25th percentile, tax bills are around $2,282, while at the 75th percentile, they reach approximately $3,965. The 90th percentile sees tax bills as high as $5,188. These tax bills are influenced by several factors, including changes in market value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Elizabeth's tax rates can lead to substantial annual expenses for homeowners. Understanding these dynamics is crucial for homeowners to anticipate their yearly financial obligations and plan accordingly.
Average Elizabeth Tax Bill
$2,893
Average Elbert County Tax Bill
$2,641
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80107 | $1,666 | $2,282 | $2,893 | $3,965 | $5,188 |
Source: Ownwell