South Fork, Colorado Property Taxes
The median property tax rate in South Fork, CO is 0.48%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in South Fork at $223,611, the typical annual property tax bill is $1,046, which is well below the national median of $2,690. Property taxes in South Fork are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding South Fork'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 South Fork 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
South Fork, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,073
$996
Ownwell’s South Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Fork 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 South Fork, Colorado
Property taxes in South Fork, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Fork is 0.48%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within South Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Fork 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 South Fork's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81154 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with South Fork provides valuable insights into the varying tax landscape across Mineral County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Fork Tax Rate
0.48%
Average Mineral County Tax Rate
0.48%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Fork, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81154 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across South Fork, Colorado
In South Fork, 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 Mineral 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 South Fork, 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 South Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in South Fork is $223,611, with the tax bill at the 25th percentile being $693 and at the 75th percentile being $1,406. Notably, the highest and lowest median tax bills are both $1,046 in the zip code 81154.
Average South Fork Assessed Value
$223,611
Average Mineral County Assessed Value
$196,925
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Fork, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81154 | $90,760 | $144,615 | $223,611 | $294,175 | $372,204 |
Source: Ownwell
Property Tax Bills Across South Fork, Colorado
In South Fork, located in Mineral County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The county then applies the local tax rate to this assessed value to determine the annual property tax bill. For homeowners in South Fork, the median home price is $223,611. Property tax bills can vary significantly within this region. For example, the 25th percentile tax bill is $693, while the 75th percentile tax bill rises to $1406. At the 90th percentile, homeowners might see tax bills as high as $1761. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly affecting the quality of life for residents. Compared to the national median property tax rate of 0.99%, South Fork’s property tax bills reflect local economic conditions and public service needs.
Average South Fork Tax Bill
$1,046
Average Mineral County Tax Bill
$997
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across South Fork, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81154 | $372 | $693 | $1,046 | $1,406 | $1,761 |
Source: Ownwell