81434 Property Tax Rate

Property owners in ZIP code 81434 (Somerset, Colorado) pay a median of $1,196/year in property taxes on homes valued at $638,200. This translates to an effective tax rate of 0.19%, which is 55% below the Colorado state average of 0.42%.

The monthly property tax burden for a median-valued home in 81434 is approximately $100, which factors into escrow payments on mortgages. This ZIP code is located within Gunnison County. This is $686 less than the Colorado average of $1,882/year.

Compared to similar ZIP codes in Colorado, 81434 has lower property taxes. ZIP codes with similar effective rates include 81430 (0.19%) and 80729 (0.19%).

In Somerset, property taxes represent approximately 1.2% of the median household income of $101,750, providing context for the relative tax burden on homeowners in this area.

Colorado properties reassess to market value at purchase with no annual cap under current law; Gunnison County buyers should expect their assessed value to reflect the full purchase price. Homeowners age 65+ with 10+ years of residence qualify for the Senior Homestead Exemption—file with the Gunnison County Assessor to lower your taxable base materially. Submit your exemption application to the Gunnison County Assessor within 30 days of closing to activate the benefit.