Franktown, Colorado Property Taxes
The median property tax rate in Franktown, CO is 0.52%, which is notably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With a median home value of $407,566 in Franktown, the typical annual property tax bill amounts to $2,100, which is below the national median of $2,690. Property taxes in Franktown are calculated based on the assessed value, often lower than the market value due to 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 Elbert County, gaining insight into 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
0.52%
Estimate Property Tax Bill
$2,119
$1,967
Ownwell’s Franktown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Franktown is 0.52%, 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 significantly 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 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these areas compare with Franktown 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 Franktown Tax Rate
0.52%
Average Elbert County Tax Rate
0.56%
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 | 0.27% | 0.45% | 0.52% | 0.56% | 0.58% |
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 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 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. Notably, the zip code 80116 in Franktown has a median tax bill of $2,100, showcasing the importance of understanding these values to keep property taxes manageable.
Average Franktown Assessed Value
$407,566
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 Franktown, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80116 | $164,383 | $295,003 | $407,566 | $500,883 | $591,644 |
Source: Ownwell
Property Tax Bills Across Franktown, Colorado
In Franktown, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate set by Elbert County. For example, with a median home price of $407,566, homeowners can expect to see varying tax bills. The 25th percentile tax bill is around $1,308, while the 75th percentile reaches up to $2,819, and the 90th percentile can go as high as $3,226. Factors that influence these tax bills include the home's market value, local tax rates, and any eligible exemptions. Compared to the national median property tax rate of 0.99%, Franktown's rates can significantly impact homeowners' finances. Higher property values generally lead to higher tax bills, which can affect budgeting and long-term financial planning for residents. Understanding these elements is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Franktown Tax Bill
$2,100
Average Elbert County Tax Bill
$2,641
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 | $838 | $1,308 | $2,100 | $2,819 | $3,226 |
Source: Ownwell