- Property Tax Information
Property Tax Information
Property taxes impact everyone, whether you own a home or rent a property. It's important to understand what goes into the process of determining property taxes and who is involved. Get to know Broomfield's Assessors who place a value on all property in Broomfield County, and learn more about how they impact your property taxes.
There are two offices involved in the property tax process: the Assessor and the Treasurer.
What does the assessor do?
Property taxes impact everyone, so it’s important to understand what all goes into the process and who is involved. A key to understanding property taxes is understanding the role of an Assessor.
There is a lot of misunderstanding about the role of assessors, and how they affect the property tax that homeowners pay. Get to know Broomfield’s Assessor and what they do for the community.
Assessors don’t set tax rates or chase tax dollars. An assessor is only interested in fairly determining property values. Property tax is determined by a consistent formula: Assessment Rate x Value x Tax Rate = Property Tax. Assessors only affect one of these values: the value. Assessors are fellow taxpayers working to ensure the process for determining values is equitable.
So how does an assessor determine how much your property is worth? First, the assessor looks at similar properties that have sold, their sale prices, and the terms and conditions of each sale. That’s the reason your home won’t just be compared to the place next door. Studying things like square footage, age and location, helps assessors determine how comparable another property is to yours.
How do I read my tax notice?
Let’s look at the breakdown of what to expect on your property tax notice. If you are a property owner in the City and County of Broomfield, you should expect to see your property tax notice emailed or mailed to you every year around the third week of January. The property tax notice will contain information about the property including the legal description, property address, values, and breakdown of taxes to be distributed to each tax authority.
In January, the property tax notice will be sent to the property owner on record, not the mortgage company for the property. When you receive your notice, it is recommended you check with your mortgage company to clarify whether you are responsible to make the payment or if they will make the payment on your behalf.
The first half of your property tax is due February 28 and the second half is due June 15th. Or you can pay the full amount by April 30. If taxes aren’t paid by the due dates, interest starts to accrue at a rate of 1% per month. The Treasurer’s office sends three delinquent notices to remind taxpayers their account is unpaid.