The Valuation Process

The Valuation Process

The county assessor is responsible for discovering, listing, classifying and valuing all property within Broomfield in accordance with state law. The Colorado law stresses fairness and all county assessors, including Broomfield's, are bound by the law. The market approach to value must be used to value residential properties. Actual sales of property for a 24 month period are used. This data is analyzed and qualified to determine a fair market value amount. The assessment date is Jan. 1 of every year. Property is valued based on its condition as of the assessment date.

Reappraisal Value and Intervening Year Information

Colorado statute requires all assessors to revalue all properties in a reappraisal (odd numbered) year. The market approach to value must be used to determine the value of residential properties. State statute requires that the market value of a home is determined by sales of comparable residential properties that occurred during the 24 month sales period. For tax years 2023 and 2024, the sales period is from July 1, 2020 through June 30, 2022.

In intervening (even numbered) years, the value remains the same unless changes to the property have been made that would affect value as of the January 1 assessment date. These changes generally includes things like new construction, basement finishes, additions, etc.