South Fork, Colorado Property Taxes
The median property tax rate in South Fork, CO is 0.45%, 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 $209,136, the typical annual property tax bill amounts to $904, which is well below the national median of $2,690. Property taxes in South Fork 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 South Fork's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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
0.45%
Estimate Property Tax Bill
$941
$873
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 0.45%, significantly 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 regions in Colorado and the national median. For comparison, the 81154 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 areas compare with South Fork provides valuable insights into the varying tax landscape across Rio Grande County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Fork Tax Rate
0.45%
Average Rio Grande County Tax Rate
0.45%
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 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across South Fork, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in South Fork, 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 Rio Grande 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 highest and lowest median tax bills in South Fork are both $904.00, located in zip code 81154.
Average South Fork Assessed Value
$209,136
Average Rio Grande County Assessed Value
$142,738
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 | $27,656 | $88,559 | $209,136 | $343,175 | $524,849 |
Source: Ownwell
Property Tax Bills Across South Fork, Colorado
In South Fork, Rio Grande County, CO, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, size, and condition. In this region, the median home price stands at $209,136, which serves as a baseline for calculating tax obligations. The property tax rate in South Fork is influenced by the local government’s budgetary needs and can vary annually. Homeowners in the 25th percentile can expect a tax bill around $375, while those in the 75th percentile might see bills closer to $1,533. For properties in the 90th percentile, tax bills can reach up to $2,450. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax burdens. These property taxes fund essential public services, such as schools, infrastructure, and emergency services, directly affecting the quality of life for South Fork residents.
Average South Fork Tax Bill
$904
Average Rio Grande County Tax Bill
$659
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 | $126 | $375 | $904 | $1,533 | $2,450 |
Source: Ownwell