Franktown, Colorado Property Taxes
The median property tax rate in Franktown, CO is 0.58%, slightly higher than the state median of 0.55% but still below the national median of 0.99%. With a median home value of $694,118, the typical annual property tax bill in Franktown reaches $3,968, significantly exceeding the national median of $2,690. Property taxes in Franktown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Franktown'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 Franktown 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
Franktown, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$4,026
$3,736
Ownwell’s Franktown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Franktown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franktown 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 Franktown, Colorado
Property taxes in Franktown, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franktown is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Franktown set these rates annually, and they can vary across different neighborhoods. Each year, Franktown 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 Franktown's effective property tax rate to other areas in Colorado and the national median. For comparison, the zip code 80116 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with Franktown provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franktown Tax Rate
0.58%
Average Douglas County Tax Rate
0.64%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franktown, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80116 | 0.49% | 0.55% | 0.58% | 0.58% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Franktown, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Franktown, 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 Douglas 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 Franktown, 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 Franktown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Franktown are both recorded at $3,968 for the 80116 zip code.
Average Franktown Assessed Value
$694,118
Average Douglas County Assessed Value
$496,355
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franktown, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80116 | $361,288 | $536,903 | $694,118 | $843,848 | $1,085,113 |
Source: Ownwell
Property Tax Bills Across Franktown, Colorado
In Franktown, located in Douglas County, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Franktown is $694,118, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Franktown can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $3,122 and the 75th percentile tax bill at $5,087. For those in the 90th percentile, the tax bill can reach up to $7,203. The highest and lowest median tax bills in the area both stand at $3,968, reflecting a uniformity in median tax rates across different zip codes. These property tax bills are crucial for homeowners as they contribute to local services and infrastructure, impacting overall living costs. Compared to the national median property tax rate of 0.99%, Franktown's property taxes can be relatively higher, affecting the financial planning of its residents.
Average Franktown Tax Bill
$3,968
Average Douglas County Tax Bill
$3,328
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Franktown, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80116 | $2,352 | $3,122 | $3,968 | $5,087 | $7,203 |
Source: Ownwell