How To Calculate Future Property Taxes for Denver

[Joseph A Gonzales]

Hello, 

This is more of a knowledge sharing than a question, but please feel free to confirm or leave feedback. This is for Denver only. It could be different in other areas. 

Here is Denver's Taxes Site https://www.denvergov.org/.../Our.../Treasury/Property-Taxes

Here is what it says about calculating taxes:

• Assessed Value x Mill Levy = Property Tax Due
• To determine the tax due the Assessor first determines the ACTUAL value of your property. Then, a percentage is applied to the actual value in order to arrive at the ASSESSED value of your property.
• Assessed value for residential property = 7.15% of actual value
• Assessed value for commercial and business personal property = 29% of actual value
• Your ASSESSED value is then multiplied by the current MILL LEVY to arrive at the property tax due. Mill levies are set around December 15th each year by the various Denver taxing authorities such as the school district, city council, or special districts.
• A mill = $1 for every $1,000 of assessed value
• All taxable business personal and real estate property within Denver is subject to 74.195 mills for 2020 taxes due in 2021. If the property is located within a special district, local maintenance district, or business improvement district additional taxes are levied upon the property.

Here are the calculations I figured out. I used 80% of the purchase price. You can adjust as needed. Also, every 15 Dec the mills changes so make sure you change it has the years change.

(Purchase Price*80%)(7.15%)(74.195)/1000=Taxes/12=Monthly Taxes
OR
(Purchase Price*80%)(0.0715)(0.074195)=Taxes/12=Monthly Taxes