Florence, Colorado Property Taxes
The median property tax rate in Florence, CO is 0.55%, which aligns with the state median but is significantly lower than the national median of 0.99%. With a median home value of $173,527 in Florence, the typical annual property tax bill amounts to $835, well below the national median of $2,690. Property taxes in Florence are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Florence's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Florence or another part of Fremont County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$954
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Fremont County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Florence, Colorado
Property taxes in Florence, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.55%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81226 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Florence 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 Florence Tax Rate
0.55%
Average Fremont County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | 0.29% | 0.43% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Florence, Colorado. 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 Fremont County Assessor 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 Florence, 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. The zip code 81226 has both the highest and lowest median tax bill at $835. By being aware of these valuation processes in Florence, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Florence Assessed Value
$173,527
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 Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | $17,564 | $117,531 | $173,527 | $238,051 | $307,940 |
Source: Ownwell
Property Tax Bills Across Florence, Colorado
In Florence, located in Fremont County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, and this value is then multiplied by the local property tax rate. In Florence, the median home price is $173,527. Homeowners can expect to pay a property tax bill that varies significantly depending on their property’s assessed value and the specific tax rate applied. For instance, the 25th percentile tax bill is around $494, while the 75th percentile tax bill reaches $1,178, and the 90th percentile tax bill can go up to $1,561. These figures illustrate the range of property tax burdens that homeowners might face. The median property tax bill in Florence is $835, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable, but it also means less revenue for local services, which can impact community resources and infrastructure.
Average Florence Tax Bill
$835
Average Fremont County Tax Bill
$1,012
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81226 | $90 | $494 | $835 | $1,178 | $1,561 |
Source: Ownwell