Idaho Springs, Colorado Property Taxes
The median property tax rate in Idaho Springs, CO is 0.21%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Idaho Springs at $456,890, the typical annual property tax bill amounts to $980, which is well below the national median of $2,690. Property taxes in Idaho Springs 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 Idaho Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Idaho Springs 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
Idaho Springs, Colorado Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Idaho Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Idaho Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idaho Springs 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 Idaho Springs, Colorado
Property taxes in Idaho Springs, Colorado, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Idaho Springs is 0.21%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Idaho Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Idaho 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 Idaho Springs' effective property tax rate to other counties in Colorado and the national median. Understanding how these cities compare with Idaho Springs provides valuable insights into the varying tax landscape across Gilpin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Idaho Springs Tax Rate
0.21%
Average Gilpin County Tax Rate
0.41%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | 0.16% | 0.21% | 0.21% | 0.21% | 0.21% |
Source: Ownwell
Property Tax Assessment Values Across Idaho Springs, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Idaho Springs, 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 Gilpin 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 Idaho 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. The median home price in Idaho Springs is $456,890, and tax bills can vary significantly. For example, the 25th percentile tax bill is $628, while the 75th percentile tax bill is $1,258. Interestingly, the highest and lowest median tax bills are both $980, found in the 80452 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Idaho Springs, Colorado
Source: Ownwell
$264,845
$455,183
$645,520
Average Idaho Springs Assessed Value
$456,890
Average Gilpin County Assessed Value
$340,645
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | $128,330 | $342,860 | $456,890 | $586,460 | $597,600 |
Source: Ownwell
Property Tax Bills Across Idaho Springs, Colorado
In Idaho Springs, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessors determine this value, and it is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Gilpin County, the median home price is $456,890. Property tax bills can vary significantly, with the 25th percentile tax bill at $628 and the 75th percentile reaching $1,258. The highest median tax bill in the area is $980, which is relatively lower compared to the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Therefore, homeowners in Idaho Springs benefit from these services, which are directly supported by their property tax contributions. Understanding how these bills are calculated helps homeowners budget accordingly and appreciate the value of the services they receive in return.
Average Idaho Springs Tax Bill
$980
Average Gilpin County Tax Bill
$1,047
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Idaho Springs, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80452 | $275 | $628 | $980 | $1,258 | $1,282 |
Source: Ownwell