Colorado City, Texas Property Taxes
The median property tax rate in Colorado City, TX is 1.90%, significantly higher than both the national median of 0.99% and the Texas state median of 1.67%. With a median home value of $57,363 in Colorado City, the typical annual property tax bill reaches $1,114, exceeding the national median of $2,690. Property taxes in Colorado City 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 Colorado City'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 Colorado City or another part of Mitchell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colorado City, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$1,090
$1,011
Ownwell’s Colorado City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colorado City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colorado City 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 Colorado City, Texas
Property taxes in Colorado City, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colorado City is 1.90%, higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within Colorado City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colorado City 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 Colorado City's effective property tax rate to other counties in Texas and the national median. For comparison, the 79512 zip code has both the highest and lowest median property tax rate of 1.90%. Understanding how these cities compare with Colorado City provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colorado City Tax Rate
1.90%
Average Mitchell County Tax Rate
1.88%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colorado City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79512 | 1.08% | 1.46% | 1.90% | 2.85% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Colorado City, Texas
In Colorado City, Texas, 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 Mitchell County Appraisal District 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 Colorado City, 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. In Mitchell County, the highest median tax bill is $1,114 in the zip code 79512, while the lowest is also $1,114 in the same zip code. Being aware of these valuation processes in Colorado City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colorado City Assessed Value
$57,363
Average Mitchell County Assessed Value
$57,050
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colorado City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79512 | $15,322 | $32,692 | $57,363 | $102,307 | $184,169 |
Source: Ownwell
Property Tax Bills Across Colorado City, Texas
In Colorado City, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Mitchell County. The assessed value is determined by the county appraisal district, which evaluates the property's market value. Homeowners in Colorado City can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the tax bill at the 25th percentile is around $591, while at the 75th percentile, it rises to $1,894, and at the 90th percentile, it can reach up to $3,268. Comparatively, the highest median tax bill in the area is $1,114, which is significantly above the national median property tax rate of 0.99%. These taxes fund essential services like public schools, infrastructure, and emergency services, impacting the quality of life in the community. For homeowners, understanding these factors is crucial for effective financial planning and ensuring they are not overpaying on their property taxes.
Average Colorado City Tax Bill
$1,114
Average Mitchell County Tax Bill
$1,077
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Colorado City, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 79512 | $282 | $591 | $1,114 | $1,894 | $3,268 |
Source: Ownwell