Severance, Colorado Property Taxes
The median property tax rate in Severance, CO is 0.74%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $501,799, the typical annual property tax bill in Severance reaches $3,817, significantly exceeding the national median of $2,690. Property taxes in Severance are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Severance'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 Severance 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
Severance, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$3,713
$3,446
Ownwell’s Severance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Severance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Severance 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 Severance, Colorado
Property taxes in Severance, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Severance is 0.74%, lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Severance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Severance 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 Severance's effective property tax rate to other areas in Weld County and the national median. For comparison, the 80524 zip code has the highest median property tax rate of 0.93%, while the 80615 zip code has the lowest median tax rate of 0.43%. Understanding how these areas compare with Severance provides valuable insights into the varying tax landscape across Weld County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Severance Tax Rate
0.74%
Average Weld County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Severance, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80524 | 0.30% | 0.69% | 0.93% | 0.94% | 1.07% |
| 80546 | 0.34% | 0.48% | 0.48% | 0.54% | 0.62% |
| 80550 | 0.48% | 0.50% | 0.79% | 0.83% | 0.84% |
| 80610 | 0.51% | 0.57% | 0.59% | 0.60% | 0.61% |
| 80615 | 0.35% | 0.41% | 0.43% | 0.43% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Severance, Colorado
In Severance, 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 Weld 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 Severance, 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 Severance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $7,055 in the 80524 zip code, while the lowest is $2,194 in the 80546 zip code.
Average Severance Assessed Value
$501,799
Average Weld County Assessed Value
$452,949
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Severance, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80524 | $214,298 | $519,904 | $848,000 | $919,682 | $993,118 |
| 80546 | $276,580 | $362,438 | $456,053 | $492,756 | $520,172 |
| 80550 | $428,536 | $458,400 | $496,438 | $549,995 | $644,526 |
| 80610 | $827,106 | $883,787 | $968,485 | $1,059,125 | $1,178,201 |
| 80615 | $614,899 | $644,375 | $683,972 | $732,563 | $905,221 |
Source: Ownwell
Property Tax Bills Across Severance, Colorado
In Severance, located in Weld County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Severance is $501,799. Homeowners can expect their tax bills to vary significantly depending on the assessed value and applicable tax rate. For instance, tax bills in Severance range from the 25th percentile at $2,493 to the 90th percentile at $5,074. These figures are influenced by the local tax rate and any applicable exemptions or deductions. Several factors contribute to the determination of a homeowner's tax bill, including the property's market value, the local tax rate, and any exemptions for which the homeowner might qualify. While the national median property tax rate is 0.99%, the specific rate in Weld County can cause variations in individual tax bills. Homeowners in Severance should be aware of these factors as they can significantly affect their annual financial obligations.
Average Severance Tax Bill
$3,817
Average Weld County Tax Bill
$2,133
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Severance, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80524 | $2,289 | $2,289 | $7,055 | $8,286 | $9,167 |
| 80546 | $1,466 | $1,885 | $2,194 | $2,393 | $2,537 |
| 80550 | $2,121 | $2,525 | $3,828 | $4,328 | $4,849 |
| 80610 | $4,646 | $5,069 | $5,630 | $6,252 | $6,977 |
| 80615 | $2,374 | $2,669 | $2,879 | $3,144 | $3,794 |
Source: Ownwell