We report THz transmission and reflection properties of an ultrafast optically excited highly resistive silicon wafer. Amplified Ti:Sapphire femtosecond laser pulses at 800 nm were used to create fluence-dependent carrier density on the front surface of the wafer which modifies the dielectric properties at the THz frequencies. Time-resolved experiments in the optical pump-THz probe configuration were conducted in which THz pulses reflected off from the surface at 0° and 45° angles of incidence make it possible to measure the pump-fluence dependent ultrafast evolution of the reflection and transmission coefficients in 0.5-6 THz range. An analytical model, where both the Drude contributions from the photo-excited electrons and holes account for the change of the dielectric constant of the photo-excited silicon, has been used to evaluate the THz reflection and transmission coefficients at steady state. Thus obtained results match well with the experimental results and demonstrate an all-optical means to convert a silicon wafer into an ultrafast, tunable and broadband neutral density filter or reflector in the THz frequency range.