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Property Tax
What
do I pay in property tax and what does
that tax pay for?
Property taxes are paid based on the assessed value of the property,
as determined by the County Assessor, multiplied by a mill levy
rate. A mill levy is really just a percentage. One mill equals
.001 expressed as a decimal, or 0.1% expressed as a percent.
Property
taxes are calculated using the following formula:
Current actual value (provided on Notice of Value) x Assessment
rate* = Assessed value.
Assessed
value x Tax rate (mill levy) = Estimated property tax
*Current
Assessment Rate is projected to be 9.15% for residential and 29%
for all other property. The Colorado State Legislature adjusts
the residential assessment rate in reappraisal years.
The taxes go to support a number of governmental agencies that
service the property. The taxes are collected by the Douglas County
Treasurer.
In
Parker, the mill levies would be distributed to the agencies below.
The Town’s property tax represents a very small portion
of the revenue the Town depends on and is used in support of general
operations.
The
following example uses a home with an actual market value of $250,000
that is not in a metro district:
Mill
Levy Distribution on a $250,000 house |
Mill
Levy |
Amount
|
| Douglas
County School District |
43.584 |
$997 |
Douglas
County |
19.774 |
452 |
Parker
Fire Protection District |
13.978 |
320 |
Douglas
Public Library District |
4.031 |
92 |
Town
of Parker |
2.602 |
59 |
Parker
Water & Sanitation District |
2.135* |
49 |
Urban
Drainage & Flood Control |
0.521 |
12 |
Cherry
Creek Basin Authority |
0.344 |
8 |
Urban
Drainage & Flood Control,
South Platte |
0.069 |
2 |
Metro
District |
** |
** |
TOTAL |
87.038 |
$1,991 |
*Residents
in Cottonwood pay to the Cottonwood Water and Sanitation District
27 mills or $617, instead of the Parker Water and Sanitation District,
which covers all other parts of Parker.
**Residents
living in certain areas pay taxes to Metropolitan Districts. Those
areas include: Stroh Ranch (40.156 mills); Canterberry Crossing
(39.49 mills); Cottonwood (11.227 mills); and Hidden River (8.000
mills).
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