Property Tax Information
Understanding your Property Valuation
The 2023 Property Notice of Valuations were sent to Broomfield residents starting the week of May 1. This document will inform you of the actual value of your property and will also include an estimated tax amount for 2024. With the statewide increases of those valuations for 2023, you may have additional questions. This page is your one-stop-shop for all the information and resources you may need.
Property Valuation Myths versus Facts
Myth: The City and County of Broomfield keeps raising my property taxes with these valuations.
Fact: It is important to note, the increases residents are seeing in their property valuations are not due to changes in the City and County of Broomfield’s property tax mill levy. The City and County of Broomfield’s property tax mill levy remains at 28.969 and has not been raised since 2001.
Myth: The City and County of Broomfield uses all the tax money for their own services
Fact: Even though you write your property tax check to the City and County of Broomfield only 25% of that is used for city and county services. The rest of your property taxes are used to pay for services such as special districts (fire departments), school districts and metropolitan districts.
Myth: My valuation has gone up tremendously in only one year!
Fact: Property valuations are not done every year; they are done every odd year. This notice alerts property owners of any changes to their property’s valuation as a result of the market or comparable sales data which is collected in arrears, per state statute. That means for the notice of valuation you received in May of 2023, the value of the property is actually being taken from the data from July 1, 2020 through June 30, 2022.
Myth: Valuations should not increase because home prices are going down
Fact: The Assessor’s Office determines the valuation based on the data collected from July 1, 2020, through June 30, 2022, in order to set values for tax years 2023 and 2024. During this data collection period, the City and County of Broomfield saw a strong real estate market due to low interest rates and a desire from property owners to live in the City and County of Broomfield.
Myth: The Broomfield Assessor sets the rules and timeline for reappraisal season
Fact: The Broomfield Assessor does not make the rules or set the timelines for the reappraisal process. The State of Colorado makes the laws for how property values are set for all counties and Broomfield is required to follow the laws. All assessors in the state are required to value property based on C.R.S. 39-1-101.
Myth: The Broomfield Assessor's Office determines and calculates my property taxes
Fact: The Assessor’s role is to determine the market value of a property as of a certain date. In Colorado, the property valuation is only one part of a three-part equation to determine property taxes. The other parts are the statewide assessment rate, determined by the state legislature and the local mill levy rate set by the various taxing authorities of school districts, fire districts and other local governments.
Myth: If I can't afford to pay my property taxes with this increased valuation, I'm in trouble
Fact: Residents will not know their property tax amount until the end of the year when both the tax rate and the assessment rate are set. Many property owners can apply for a variety of relief programs including those for seniors, veterans and people with disabilities. Learn more on the Property Tax Exemption and Deferral Programs web page.
Myth: Houses that did not exist on June 30, 2022 (new construction) should not have a valuation
Fact: Part of the state requirements are that assessors must value what is physically present as of January 1 of every year. For the 2023 value, the assessor would have taken the percentage of the improvement or the full value, if the home was completed by January 1, which then becomes your property value as of June 30, 2022.
Watch Workshops Given by the Assessor and Treasurer
This is a video that explains the tax notice and a brief explanation on how property values are calculated.
This is a video about property valuation and the Notice of Valuation.
What does the assessor do?
Property taxes impact everyone, so it’s important to understand what all goes into the process and who is involved. A key to understanding property taxes is understanding the role of an Assessor.
There is a lot of misunderstanding about the role of assessors, and how they affect the property tax that homeowners pay. Get to know Broomfield’s Assessor and what they do for the community.
Assessors don’t set tax rates or chase tax dollars. An assessor is only interested in fairly determining property values. Property tax is determined by a consistent formula: Assessment Rate x Value x Tax Rate = Property Tax. Assessors only affect one of these values: the value. Assessors are fellow taxpayers working to ensure the process for determining values is equitable.
So how does an assessor determine how much your property is worth? First, the assessor looks at similar properties that have sold, their sale prices, and the terms and conditions of each sale. That’s the reason your home won’t just be compared to the place next door. Studying things like square footage, age and location, helps assessors determine how comparable another property is to yours.
What is the timeline for property taxes?
In January, the property tax notice will be sent to the property owner on record, not the mortgage company for the property. When you receive your notice, it is recommended you check with your mortgage company to clarify whether you are responsible to make the payment or if they will make the payment on your behalf.
The first half of your property tax is due February 28 and the second half is due June 15th. Or you can pay the full amount by April 30. If taxes aren’t paid by the due dates, interest starts to accrue at a rate of 1% per month. The Treasurer’s office sends three delinquent notices to remind taxpayers their account is unpaid.