Olathe, Colorado Property Taxes
The median property tax rate in Olathe, CO is 0.51%, notably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Olathe at $309,420, the typical annual property tax bill amounts to $1,567, which is significantly below the national median of $2,690. Property taxes in Olathe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Olathe'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 Olathe or another part of Montrose County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olathe, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,578
Ownwell’s Olathe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olathe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olathe 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 Olathe, Colorado
Property taxes in Olathe, Colorado, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olathe is 0.51%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Olathe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olathe 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 Olathe's effective property tax rate to other counties in Colorado and the national median. For comparison, the 81425 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Olathe provides valuable insights into the varying tax landscape across Montrose County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olathe Tax Rate
0.51%
Average Montrose County Tax Rate
0.49%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olathe, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81425 | 0.44% | 0.44% | 0.51% | 0.51% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Olathe, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Olathe, Colorado. 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 Montrose 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 Olathe, 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 Olathe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $1567 in zip code 81425.
Average Olathe Assessed Value
$309,420
Average Montrose County Assessed Value
$398,340
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olathe, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81425 | $135,440 | $207,190 | $309,420 | $486,220 | $643,864 |
Source: Ownwell
Property Tax Bills Across Olathe, Colorado
In Olathe, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The county assessor evaluates properties to establish their market value, and then applies an assessment rate to calculate the assessed value. Property tax rates are then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and the specific tax rates set by local taxing authorities. For example, in Montrose County, the median home price is $309,420. Homeowners in the 25th percentile can expect a tax bill of around $1,052, while those in the 75th percentile might see a tax bill closer to $2,282. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the area. Homeowners should be aware of these factors to better understand their property tax obligations and how they are calculated.
Average Olathe Tax Bill
$1,567
Average Montrose County Tax Bill
$1,943
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Olathe, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 81425 | $637 | $1,052 | $1,567 | $2,282 | $3,373 |
Source: Ownwell