Simla, Elbert County, Colorado Property Taxes
The median property tax rate in Simla, CO is 0.62%, slightly higher than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $146,739 in Simla, the typical annual property tax bill amounts to $884, which is well below the national median of $2,690. Property taxes in Simla are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Simla'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 Simla or another part of Elbert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Simla, Elbert County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$910
$844
Ownwell’s Simla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simla 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 Simla, Elbert County, Colorado
Property taxes in Simla, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Simla is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Simla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simla 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 Simla's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80835 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Simla 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 Simla Tax Rate
0.62%
Average Elbert County Tax Rate
0.56%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simla, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | 0.31% | 0.50% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Simla, Elbert County, Colorado
In Simla, 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 Simla, 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. The median home price in Simla is $146,739, with tax bills ranging from $428 at the 25th percentile to $1,810 at the 90th percentile. The highest and lowest median tax bills are both $884, found in the 80835 zip code. 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 Simla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Simla, Elbert County, Colorado
Source: Ownwell
$134,650
$363,700
$592,749
Average Simla Assessed Value
$146,739
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 Simla, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | $9,780 | $48,604 | $146,739 | $226,532 | $332,415 |
Source: Ownwell
Property Tax Bills Across Simla, Elbert County, Colorado
In Simla, property tax bills are calculated based on the assessed value of a home, which is determined by the Elbert County Assessor's Office. The assessed value is a percentage of the property's market value. Homeowners in Simla can expect their tax bills to vary significantly depending on the assessed value of their property. For example, the 25th percentile tax bill is around $428, while the 75th percentile tax bill reaches up to $1,377. At the higher end, the 90th percentile tax bill can go up to $1,810. These tax bills are influenced by various factors, including property size, location, and market trends. The median home price in Simla is $146,739, which is relatively affordable compared to other regions. Despite this, property taxes can still represent a significant expense for homeowners. The highest median tax bill in the area is $884, indicating that some neighborhoods may have higher property tax rates. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Simla Tax Bill
$884
Average Elbert County Tax Bill
$2,641
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Simla, Elbert County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80835 | $90 | $428 | $884 | $1,377 | $1,810 |
Source: Ownwell