Broomfield, Colorado Property Taxes
The median property tax rate in Broomfield, CO is 0.43%, considerably 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 $1,236,400, the typical annual property tax bill reaches $5,239, exceeding the national median of $2,690. Property taxes in Broomfield are calculated based on the tax assessed value, which typically 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
0.43%
Estimate Property Tax Bill
$5,317
Ownwell’s Broomfield Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Broomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broomfield to provide an estimate of 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 Broomfield, Colorado
Property taxes in Broomfield, Colorado, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Broomfield is 0.43%, which is significantly 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 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 80020 zip code has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Broomfield provides valuable insights into the varying tax landscape across Boulder County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broomfield Tax Rate
0.43%
Average Boulder County Tax Rate
0.50%
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 |
|---|---|---|---|---|---|
| 80020 | 0.37% | 0.39% | 0.43% | 0.45% | 0.47% |
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 Boulder 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 Broomfield, 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 Broomfield 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 the area are both $5,239, found in the 80020 zip code.
Average Broomfield Assessed Value
$1,236,400
Average Boulder County Assessed Value
$722,900
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 |
|---|---|---|---|---|---|
| 80020 | $872,270 | $1,038,100 | $1,236,400 | $1,599,425 | $2,064,250 |
Source: Ownwell
Property Tax Bills Across Broomfield, Colorado
In Broomfield, CO, property tax bills are calculated based on the assessed value of a home, which is determined by the Boulder County Assessor's Office. The assessed value is a percentage of the home's market value, and this percentage is applied uniformly across the county. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Broomfield is $1,236,400, leading to varying tax bills. Homeowners in the 25th percentile see tax bills around $4,303, while those in the 75th percentile face bills of approximately $6,750. The 90th percentile can reach up to $9,251. These property taxes significantly impact homeowners, influencing decisions on buying, selling, and maintaining properties. Compared to the national median property tax rate of 0.99%, Broomfield's rates reflect the area's property values and local government funding needs.
Average Broomfield Tax Bill
$5,239
Average Boulder County Tax Bill
$3,545
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 |
|---|---|---|---|---|---|
| 80020 | $3,525 | $4,303 | $5,239 | $6,750 | $9,251 |
Source: Ownwell