Silverton, Colorado Property Taxes
The median property tax rate in Silverton, CO is 0.32%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value in Silverton of $220,595, the typical annual property tax bill amounts to $706, well below the national median of $2,690. Property taxes in Silverton 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 Silverton'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 Silverton 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
Silverton, 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 Silverton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Silverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silverton to project 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 Silverton, Colorado
Property taxes in Silverton, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silverton is 0.40%, which is lower than the Colorado state median of 0.55% and the U.S. national median of 0.99%. Local government entities within Silverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silverton 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 Silverton's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 81601 in Garfield County has the highest median property tax rate of 0.66%, while the zip code 80001 in Adams County has the lowest median tax rate of 0.33%. Understanding how these cities compare with Silverton provides valuable insights into the varying tax landscape across San Juan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silverton Tax Rate
0.32%
Average San Juan County Tax Rate
0.32%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81433 | 0.24% | 0.32% | 0.32% | 0.32% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Silverton, Colorado
In Silverton, 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 San Juan County Assessor's Office 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 Silverton, 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 Silverton 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 bill is 81433, with a median tax bill of $706.
Average Silverton Assessed Value
$220,595
Average San Juan County Assessed Value
$239,932
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silverton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81433 | $16,340 | $100,000 | $220,595 | $312,568 | $390,020 |
Source: Ownwell
Property Tax Bills Across Silverton, Colorado
Property tax bills in Silverton, CO, are determined based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. In Silverton, the median home price is $220,595, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and land value are considered in the assessment process. For homeowners, the tax bill can vary significantly. For example, the tax bill at the 25th percentile is $600, while at the 75th percentile, it rises to $994. At the 90th percentile, homeowners might see a tax bill as high as $1,264. Compared to the national median property tax rate of 0.99%, Silverton's tax bills reflect the specific local tax rate and property values. This variability can impact homeowners' financial planning and budgeting, highlighting the importance of understanding how property taxes are calculated in their area.
Average Silverton Tax Bill
$706
Average San Juan County Tax Bill
$871
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverton, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81433 | $316 | $600 | $706 | $994 | $1,264 |
Source: Ownwell