Why does the Assessor value our property?
One of the revenues that Colorado counties have to use in providing services is property tax. Property tax rates are set by taxing entities and the amounts collected are derived from the values of real property and commercial personal property as determined by assessors. In Colorado, county assessors are required by state law to value property every two years. This reappraisal is done in odd numbered years. These values are used to create the property tax revenues that support schools, fire protection, roads, special districts and other local services. All of the revenue generated by property taxes stays within your county. Property taxes do not support state services.
How do I know this value is accurate?
The county assessor is responsible for discovering, listing, classifying and valuing all property within Broomfield in accordance with state law. The Colorado law stresses fairness and all county assessors, including Broomfield's, are bound by the law. The market approach to value must be used to value residential properties. Actual sales of property for a 24 month period are used. This data is analyzed and qualified to determine a fair market value amount. For more information about reappraisal and how to protest the assessor's value, see Notices of Value page.
What time frame does a reappraisal represent?
For the 2015 reappraisal, the assessor used data from sales between July 1, 2012 and June 30, 2014.
What is the difference between actual value and assessed value?
Actual value is the market value of the property as determined during the reappraisal process. The assessed value is derived by multiplying the actual value by 7.96% for residential property and 29% for non-residential property. Under Colorado law, the residential assessed value is calculated by a sliding percentage designed to keep residential property taxes stable and equitable. This assessment rate is subject to change by the Colorado legislature every reappraisal year.
An example of the assessed value calculation for a home with a $300,000 actual value:
$300,000 x 7.96% = $23,880 is the assessed value.
How are taxes calculated?
Taxes are calculated by multiplying the assessed value by the mill levy set by each taxing entity that affects the property.
Actual Value x Assessment Rate = Assessed Value
Assessed Value x Mill Levy = Taxes Due (assessed value of $23,880 x .113284 (sample mill levy) = $2,705.22 taxes due.