Silt, Colorado Property Taxes
The median property tax rate in Silt, CO is 0.52%, which is lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Silt at $325,580, the typical annual property tax bill is $1,651, significantly less than the national median of $2,690. Property taxes in Silt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Silt'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 Silt 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
Silt, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,693
Ownwell’s Silt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silt 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 Silt, Colorado
Property taxes in Silt, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silt is 0.52%, lower than both the Colorado state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Silt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silt 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 Silt's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81652 zip code has the highest median property tax rate of 0.52%, while the 81652 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Silt provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silt Tax Rate
0.52%
Average Garfield County Tax Rate
0.50%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81647 | N/A | N/A | N/A | N/A | N/A |
| 81652 | 0.40% | 0.46% | 0.52% | 0.52% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Silt, Colorado
In Silt, 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 Garfield 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 Silt, 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 Silt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 81652, with a value of $1,652.
Average Silt Assessed Value
$325,580
Average Garfield County Assessed Value
$363,015
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81647 | N/A | N/A | N/A | N/A | N/A |
| 81652 | $150,064 | $253,910 | $326,190 | $427,160 | $536,254 |
Source: Ownwell
Property Tax Bills Across Silt, Colorado
In Silt, located in Garfield County, CO, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. For example, if the median home price in Silt is $325,580, the assessed value would be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the tax bill. Various factors influence the final tax bill, including property characteristics, any applicable exemptions, and local government budgets. Homeowners in Silt can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,257, while the 75th percentile reaches $2,182, and the 90th percentile can go up to $2,758. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how local rates and assessed values impact their financial obligations.
Average Silt Tax Bill
$1,651
Average Garfield County Tax Bill
$1,819
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Silt, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81601 | N/A | N/A | N/A | N/A | N/A |
| 81647 | N/A | N/A | N/A | N/A | N/A |
| 81652 | $738 | $1,258 | $1,652 | $2,192 | $2,772 |
Source: Ownwell