Bennett, Colorado Property Taxes
The median property tax rate in Bennett, CO is 0.42%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $522,946 in Bennett, the typical annual property tax bill is $2,328, which is below the national median of $2,690. Property taxes in Bennett are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Bennett's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Bennett Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bennett with just two simple inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennett to provide an estimate of 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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennett is 0.42%, significantly 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 80102 zip code has the highest median property tax rate of 0.42%, while the same 80102 zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Bennett provides valuable insights into the varying tax landscape across Elbert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennett Tax Rate
0.42%
Average Elbert County Tax Rate
0.56%
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 | 0.42% | 0.42% | 0.42% | 0.46% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Bennett, Colorado
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bennett, Colorado. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Elbert 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 highest and lowest median tax bills in Bennett are both $2,328, found in the 80102 zip code.
Average Bennett Assessed Value
$522,946
Average Elbert County Assessed Value
$469,640
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 | $214,796 | $391,380 | $522,946 | $635,100 | $749,300 |
Source: Ownwell
Property Tax Bills Across Bennett, Colorado
In Bennett, located in Elbert County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, which in Bennett has a median home price of $522,946. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Bennett can expect a range in their property tax bills, with the 25th percentile at $1,742 and the 75th percentile at $2,796, while the 90th percentile reaches up to $3,147. These figures indicate that most homeowners pay between $1,742 and $2,796 annually, which is relatively moderate compared to the national median property tax rate of 0.99%. This method ensures that property taxes are proportionate to the value of the home, impacting homeowners by aligning their tax responsibilities with their property's worth.
Average Bennett Tax Bill
$2,328
Average Elbert County Tax Bill
$2,641
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 | $911 | $1,742 | $2,328 | $2,796 | $3,147 |
Source: Ownwell