Bennett, Colorado Property Taxes
The median property tax rate in Bennett, CO is 0.44%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $556,000 in Bennett, the typical annual property tax bill reaches $2,780, slightly below the national median of $2,690. Property taxes in Bennett are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bennett'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 Bennett 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
Bennett, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$2,446
Ownwell’s Bennett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennett 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 Bennett, Colorado
Property taxes in Bennett, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennett is 0.44%, which is lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Bennett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennett 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 Bennett's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80102 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Bennett provides valuable insights into the varying tax landscape across Arapahoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennett Tax Rate
0.44%
Average Arapahoe County Tax Rate
0.70%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennett, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80102 | 0.37% | 0.43% | 0.44% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Bennett, Colorado
In Bennett, 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 Arapahoe 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 Bennett, 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 Bennett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 80102 has the highest and lowest median tax bill at $2,780, highlighting the uniformity in tax burdens across the area.
Average Bennett Assessed Value
$556,000
Average Arapahoe County Assessed Value
$387,300
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennett, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80102 | $435,000 | $493,950 | $556,000 | $627,450 | $730,480 |
Source: Ownwell
Property Tax Bills Across Bennett, Colorado
In Bennett, located in Arapahoe County, CO, property tax bills are calculated based on a combination of the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For instance, with a median home price of $556,000, the assessed value forms the basis for the tax calculation. Tax rates in Bennett are applied to this assessed value to determine the final tax bill. Homeowners in this area see a variety of tax bills, with the 25th percentile at $2,135 and the 75th percentile at $3,836. At the higher end, the 90th percentile tax bill reaches $4,413. The median property tax bill in the zip code 80102 is $2,780, which provides a benchmark for comparison. These tax bills significantly impact homeowners, influencing their annual financial planning and overall affordability of homeownership. Compared to the national median property tax rate of 0.99%, Bennett's property taxes reflect the specific local rates and assessed values, shaping the financial landscape for residents.
Average Bennett Tax Bill
$2,780
Average Arapahoe County Tax Bill
$2,536
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennett, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80102 | $1,698 | $2,135 | $2,780 | $3,836 | $4,413 |
Source: Ownwell