Ophir, Colorado Property Taxes
The median property tax rate in Ophir, 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 Ophir at $553,656, the typical annual property tax bill is $1,301, which is well below the national median of $2,690. Property taxes in Ophir are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Ophir'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 Ophir or another part of San Miguel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ophir, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.21%
Estimate Property Tax Bill
$1,163
Ownwell’s Ophir Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ophir with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ophir 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 Ophir, Colorado
Property taxes in Ophir, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ophir is 0.21%, significantly lower than the Colorado state median and the U.S. national median of 0.99%. Local government entities within Ophir set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ophir 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 Ophir's effective property tax rate to other counties in Colorado and the national median. For comparison, the highest median property tax rate in Colorado is found in some areas, reaching up to 0.99%, while other regions boast rates as low as 0.21%. Understanding how these cities compare with Ophir provides valuable insights into the varying tax landscape across San Miguel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ophir Tax Rate
0.21%
Average San Miguel County Tax Rate
0.31%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ophir, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81426 | 0.16% | 0.17% | 0.21% | 0.30% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Ophir, Colorado
In Ophir, 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 Miguel 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 Ophir, 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 Ophir helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in zip code 81426 is $1,301, which is significant for the region.
Average Ophir Assessed Value
$553,656
Average San Miguel County Assessed Value
$778,036
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ophir, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81426 | $147,824 | $355,410 | $553,656 | $837,518 | $1,143,014 |
Source: Ownwell
Property Tax Bills Across Ophir, Colorado
In Ophir, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the San Miguel County assessor and is a percentage of the property's market value, which in Ophir has a median home price of $553,656. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The national median property tax rate is 0.99%, which serves as a benchmark for comparison. Several factors influence the tax bill, including the property's location, size, and any improvements made. In Ophir, property tax bills can vary significantly, with the 25th percentile tax bill at $630 and the 75th percentile reaching $2,233. For those at the higher end, the 90th percentile tax bill is $3,715. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these elements come together helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Ophir Tax Bill
$1,301
Average San Miguel County Tax Bill
$2,268
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Ophir, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81426 | $268 | $630 | $1,301 | $2,233 | $3,715 |
Source: Ownwell