Westminster, Colorado Property Taxes
The median property tax rate in Westminster, CO is 0.78%, notably lower than the national median of 0.99% yet higher than the Colorado state median of 0.55%. With a median home value of $1,007,475, the typical annual property tax bill in Westminster amounts to $7,877, significantly surpassing the national median of $2,690. Property taxes in Westminster are determined based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Westminster's property tax system, exploring available exemptions, and uncovering opportunities for reductions can result in substantial yearly savings. Whether you're situated in the heart of Westminster or another area within Broomfield County, a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Westminster, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$7,858
Ownwell’s Westminster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westminster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westminster 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 Westminster, Colorado
Property taxes in Westminster, Colorado, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westminster is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Westminster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westminster 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 Westminster's effective property tax rate to other counties in Colorado and the national median. For comparison, the 80023 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Westminster provides valuable insights into the varying tax landscape across Broomfield, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westminster Tax Rate
0.78%
Average Broomfield County Tax Rate
0.55%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westminster, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | 0.59% | 0.73% | 0.78% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Westminster, Colorado
In Westminster, 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 Broomfield 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 Westminster, 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 Westminster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Westminster are both $7,877 in the 80023 zip code.
Average Westminster Assessed Value
$1,007,475
Average Broomfield County Assessed Value
$637,620
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westminster, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | $662,005 | $721,722 | $1,007,475 | $1,546,050 | $1,993,063 |
Source: Ownwell
Property Tax Bills Across Westminster, Colorado
In Westminster, CO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $1,007,475, the assessed value is determined by local assessment rates. The tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including property location, local levies, and any applicable exemptions. The impact on homeowners can vary significantly. The 25th percentile tax bill in Westminster is $6,409, while the 75th percentile tax bill rises to $10,909, and the 90th percentile reaches $12,364. These figures highlight the range of potential tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Westminster's property taxes can be relatively high, affecting the overall cost of homeownership. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Westminster Tax Bill
$7,877
Average Broomfield County Tax Bill
$3,517
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Westminster, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | $5,923 | $6,409 | $7,877 | $10,909 | $12,364 |
Source: Ownwell