Assessor's OfficeFrequently Asked QuestionsHow are property taxes calculated? How are my property taxes calculated?
The Assessor's Office does not set the mill levy or collect property taxes, but we can provide the following information on how your property tax bill is calculated. First, the Assessor determines your property's ACTUAL value. Then, a percentage of that value is calculated in order to arrive at your ASSESSED value. For residential property, this percentage changes each year; it is currently 7.96%; for commercial property and business personal property, it is 29%. Your ASSESSED value is then multiplied by the current MILL LEVY to arrive at your property tax bill (the MILL LEVY is set in December of each year by the various taxing authorities in Denver, such as the school district, city council, any special districts, etc). Here is a sample calculation for a residence:
A sample residence has an actual value of $150,000. This figure is multiplied by the residential rate of 7.96% which results in an assessed value of $11,940. This assessed value is then multiplied by the mill levy of 66.948 for a property tax bill of $799.36 (.066948 x $11,940 = $799.36).