Broomfield, Colorado Property Taxes
The median property tax rate in Broomfield, CO is 0.50%, notably lower than both the national median of 0.99% and the Colorado state median of 0.55%. With the median home value in Broomfield at $1,071,000, the typical annual property tax bill amounts to $5,270, surpassing the national median of $2,690. Property taxes in Broomfield are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broomfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Broomfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broomfield, Colorado Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$5,355
$4,969
Ownwell’s Broomfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Broomfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Broomfield to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, you can find trends on a neighborhood level by scrolling down. Your property’s assessed value is determined by the county for property tax purposes and considers any applicable exemptions.
Property Tax Rates Across Broomfield, Colorado
Property taxes in Broomfield, Colorado, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broomfield is 0.50%, which is notably lower than both the Colorado state median and the U.S. national median of 0.99%. Local government entities within Broomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broomfield 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 Broomfield'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 0.50%. Understanding how these cities compare with Broomfield provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broomfield Tax Rate
0.50%
Average Adams County Tax Rate
0.57%
Average Colorado Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broomfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | 0.42% | 0.46% | 0.50% | 0.57% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Broomfield, Colorado
In Broomfield, 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 Adams 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. Assessment notices in Broomfield 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 Broomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Broomfield, the median home price is $1,071,000. The zip code with the highest and lowest median tax bill is 80023, both at $5,270. Homeowners can expect tax bills ranging from $4,558 at the 25th percentile to $8,041 at the 90th percentile.
Average Broomfield Assessed Value
$1,071,000
Average Adams County Assessed Value
$489,000
Average Colorado Assessed Value
$405,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broomfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | $741,731 | $886,000 | $1,071,000 | $1,281,521 | $1,460,000 |
Source: Ownwell
Property Tax Bills Across Broomfield, Colorado
In Broomfield, CO, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's estimated sale price. Various factors influence this assessment, including the property's location, size, and condition. Homeowners in Broomfield face a median home price of $1,071,000. Property taxes in this region are influenced by the local tax rate and specific levies imposed by the city and county. For instance, the 25th percentile tax bill is $4,558, while the 75th percentile reaches $6,312. The highest median tax bill in the area is $5,270, found in zip code 80023. Compared to the national median property tax rate of 0.99%, Broomfield's property tax bills can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Broomfield Tax Bill
$5,270
Average Adams County Tax Bill
$2,770
Average Colorado Tax Bill
$2,283
Average United States Tax Bill
$2,690
Property Tax Bills Across Broomfield, Colorado
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80023 | $3,508 | $4,558 | $5,270 | $6,312 | $8,041 |
Source: Ownwell