Centennial, Colorado Property Taxes
The median property tax rate in Centennial, CO is 0.66%, which is lower than the national median of 0.99% but higher than the Colorado state median of 0.55%. With a median home value of $691,048, the typical annual property tax bill in Centennial reaches $4,586, significantly exceeding the national median of $2,690. Property taxes in Centennial are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural use. Understanding Centennial'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 Centennial or another part of Jefferson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Centennial, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$4,561
Ownwell’s Centennial Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centennial with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centennial 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 Centennial, Colorado
Property taxes in Centennial, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centennial is 0.66%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Centennial set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centennial 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 Centennial's effective property tax rate to other counties in Colorado and the national median. For comparison, the zip code 80121 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Centennial provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centennial Tax Rate
0.66%
Average Jefferson County Tax Rate
0.66%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centennial, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80121 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Centennial, Colorado
In Centennial, 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 Jefferson County Assessor's Office 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 Centennial, 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 Centennial helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Centennial is $4,586 in the 80121 zip code, while the lowest median tax bill is also $4,586 in the same zip code.
Average Centennial Assessed Value
$691,048
Average Jefferson County Assessed Value
$436,276
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centennial, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80121 | $691,048 | $691,048 | $691,048 | $691,048 | $691,048 |
Source: Ownwell
Property Tax Bills Across Centennial, Colorado
Property tax bills in Centennial, Jefferson County, CO, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For example, if the median home price in Centennial is $691,048, the assessed value would be a fraction of this market price. The local tax rate is then applied to this assessed value to determine the annual property tax bill. In Centennial, the median property tax bill is $4,586, which is relatively high compared to the national median property tax rate of 0.99%. This higher tax bill reflects the higher property values in the area. Factors such as property improvements, neighborhood developments, and market trends can influence both the assessed value and the resulting tax bill. Homeowners in Centennial should be aware of these factors as they can significantly impact their annual expenses. Understanding how these elements interplay can help homeowners better plan for their financial obligations.
Average Centennial Tax Bill
$4,586
Average Jefferson County Tax Bill
$2,797
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Centennial, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80121 | $4,586 | $4,586 | $4,586 | $4,586 | $4,586 |
Source: Ownwell