Colorado Springs, Fremont County, Colorado Property Taxes
The median property tax rate in Colorado Springs, CO is 0.45%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $473,285 in Colorado Springs, the typical annual property tax bill amounts to $1,910, which is notably less than the national median of $2,690. Property taxes in Colorado Springs are calculated based on the assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Colorado Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Colorado Springs or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colorado Springs, Fremont County, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$2,130
$1,976
Ownwell’s Colorado Springs Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Colorado Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colorado Springs to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends on a neighborhood level, more localized information is available below. 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 Colorado Springs, Fremont County, Colorado
Property taxes in Colorado Springs, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colorado Springs is 0.45%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Colorado Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colorado Springs 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 Colorado Springs' effective property tax rate to other counties in Colorado and the national median. For comparison, the 80926 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Colorado Springs provides valuable insights into the varying tax landscape across Fremont County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colorado Springs Tax Rate
0.45%
Average Fremont County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colorado Springs, Fremont County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80926 | 0.37% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Colorado Springs, Fremont County, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colorado Springs. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Fremont 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 Colorado Springs, 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. For example, the median home price in Colorado Springs is $473,285. The tax bill at the 25th percentile is $727, while at the 75th percentile, it is $2,684. The highest median tax bill is found in zip code 80926, amounting to $1,910. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions, effectively managing the tax burden.
Property Tax Assessment Values Across Colorado Springs, Fremont County, Colorado
Source: Ownwell
$129,027
$301,156
$473,285
Average Colorado Springs Assessed Value
$473,285
Average Fremont County Assessed Value
$205,831
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colorado Springs, Fremont County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80926 | $39,791 | $161,850 | $473,285 | $624,678 | $877,519 |
Source: Ownwell
Property Tax Bills Across Colorado Springs, Fremont County, Colorado
In Colorado Springs, property tax bills are calculated based on the assessed value of the property, which is determined by the El Paso County Assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, local tax rates, set by various taxing authorities such as school districts, municipalities, and special districts, are applied to determine the final tax bill. Factors influencing the tax bill include the property's location, market trends, and any applicable exemptions or reductions. For instance, the tax bill for a property in Colorado Springs can vary significantly, with the 25th percentile paying around $727, while those in the 75th percentile could see bills as high as $2,684. The highest median tax bill in the area is $1,910, which is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Colorado Springs should be aware of these factors as they can significantly impact their annual expenses, making it crucial to stay informed about any changes in property assessments and local tax rates.
Average Colorado Springs Tax Bill
$1,910
Average Fremont County Tax Bill
$1,012
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Colorado Springs, Fremont County, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80926 | $179 | $727 | $1,910 | $2,684 | $3,848 |
Source: Ownwell