Central City, Colorado Property Taxes
The median property tax rate in Central City, CO is 0.22%, significantly lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Central City being $264,845, the typical annual property tax bill is around $585, far below the national median of $2,690. Property taxes in Central City are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Central City'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 Central City or another part of the county, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Central City, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.22%
Estimate Property Tax Bill
$583
$541
Ownwell’s CENTRAL CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTRAL CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTRAL CITY 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 Central City, Colorado
Property taxes in Central City, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Central City is 0.22%, significantly lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Central City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Central City 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. Understanding how Central City's property tax rate compares to other regions provides valuable insights into the varying tax landscape across Gilpin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central City Tax Rate
0.22%
Average Gilpin County Tax Rate
0.41%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80427 | 0.16% | 0.21% | 0.22% | 0.22% | 0.22% |
Source: Ownwell
Property Tax Assessment Values Across Central City, Colorado
In Central City, 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 Gilpin 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 Central City, 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 Central City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median property tax bill in Central City is $585, with the zip code 80427 having both the highest and lowest median tax bills.
Average Central City Assessed Value
$264,845
Average Gilpin County Assessed Value
$340,645
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Central City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80427 | $55,331 | $160,920 | $264,845 | $336,082 | $420,510 |
Source: Ownwell
Property Tax Bills Across Central City, Colorado
In Central City, located in Gilpin County, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Homeowners in Central City face a median property tax rate that is lower than the national median of 0.99%. For instance, the median home price in Central City is $264,845, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $331, while at the 75th percentile, the tax bill could be approximately $751. At the 90th percentile, it can go up to $990. The highest and lowest median tax bills in Gilpin County are both $585, indicating some consistency in tax assessments across different areas. These property tax bills impact homeowners by influencing their annual housing costs, which can affect overall affordability and financial planning.
Average Central City Tax Bill
$585
Average Gilpin County Tax Bill
$1,047
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Central City, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80427 | $105 | $331 | $585 | $751 | $990 |
Source: Ownwell