How are my property taxes calculated?

The Assessment Department does not set property taxes or collect payments. However, we can provide the following general information about how your most recent property tax bill (2022 taxes payable in 2023) was calculated and how to estimate taxes.

To calculate taxes, Actual Value is adjusted by the appropriate Assessment Rate to determine its Assessed Value. Commercial properties are multiplied by 29% (0.2900), single-unit residential properties are multiplied by 6.95% (0.0695) and apartments are multiplied by 6.80% (0.068). 

The Assessed Value (less any exempted amount) is next multiplied by the applicable Tax Rate, sometimes referred to as Mill Levy. In Colorado, tax rates are expressed as a decimal fraction of a dollar for every one dollar of Assessed Value. Known as a mill, one mill is 1/1,000th of a dollar or $0.001 (1/10th of a penny) and is usually written as a whole number followed by 3 digits to the right of a decimal point.

In 2022, the combined mill levy in the Broadlands area of Broomfield is 122.872 mills or a tax rate of 0.122872 for every $1 of assessed value. Using a home value of $530,000, here is a property tax calculation:

Actual Value x Assessment Rate x Mill Levy (Tax Rate) = Taxes

$530,000 x 0.0695 x 0.122872 = $4,525.99

As shown above, the tax calculation has 3 parts. The Actual Value comes from the Assessor and is show on the NOV mentioned above, Assessment Rates can be set annually by the State Legislature. Tax Rates are set in December each year by taxing authorities like the City and County of Broomfield, the school districts, North Metro Fire Protection and others listed on the tax bill. For more information regarding how tax rates are determined, contact the taxing authorities directly.

Show All Answers

1. Why do we have property assessments?
2. How is my property assessed?
3. How do I look up information on my property?
4. How are my property taxes calculated?
5. When is my property assessed?
6. My house wasn't complete on Jan. 1. How was it valued?
7. What are the assessment rates on all property types?
8. What is the difference between "actual" and "assessed" value?
9. What are mill levies?
10. What are taxing authorities?
11. How do I appeal my property value?
12. I have questions about paying my tax bill.
13. I have questions about mineral rights.
14. Where can I get information about my property lines?
15. I have questions about planning / zoning / building codes / permits.
16. How do I change my mailing address?