Colorado City, Texas Property Taxes
The median property tax rate in Colorado City, TX is 1.04%, slightly higher than the national median of 0.99%, but lower than the Texas state median of 1.67%. With a median home value of $173,632 in Colorado City, the typical annual property tax bill amounts to $1,649, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like 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 Scurry 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
1.04%
Estimate Property Tax Bill
$1,806
$1,671
Ownwell’s Colorado City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 1.04%, higher than both the Texas state median of 1.81% 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 the highest median property tax rate of 1.04%, while the same 79512 zip code has the lowest median tax rate of 1.04%. Understanding how these cities compare with Colorado City provides valuable insights into the varying tax landscape across Scurry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colorado City Tax Rate
1.04%
Average Scurry County Tax Rate
1.50%
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 | 0.49% | 0.65% | 1.04% | 1.87% | 1.99% |
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 Scurry 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. The median home price in Colorado City is $173,632, with tax bills ranging from $602 at the 25th percentile to $4,912 at the 90th percentile. The highest and lowest median tax bills are both $1,649 in zip code 79512. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colorado City Assessed Value
$173,632
Average Scurry County Assessed Value
$80,259
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 | $67,070 | $124,220 | $173,632 | $247,114 | $307,350 |
Source: Ownwell
Property Tax Bills Across Colorado City, Texas
In Colorado City, TX, within Scurry County, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $173,632, the property tax bill can vary significantly. Homeowners in the 25th percentile pay about $602 annually, while those in the 75th percentile face a tax bill of approximately $2,987. The highest tax bills, found in the 90th percentile, can reach up to $4,912. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. This can have a substantial impact on homeowners' finances, as property taxes are a significant part of homeownership costs. Comparing this to the national median property tax rate of 0.99%, Colorado City's rates can be considered moderate. The consistency in tax bills across different zip codes, such as 79512, reflects a stable tax environment within the region.
Average Colorado City Tax Bill
$1,649
Average Scurry County Tax Bill
$996
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 | $359 | $602 | $1,649 | $2,987 | $4,912 |
Source: Ownwell