Voters approved an increase of 1.5 mills to the property tax rate last month to provide additional funds for the Denver Public Library. This will increase state revenue by $36 million in 2023.
This increase was not the only increase seen in the new 2022 Denver County mill levy, as the unofficial base mill levy increased from 74.618 up to 79.525. This new base mill levy is a 6.58% increase over 2021. Many property owners were anticipating and budgeting for a smaller increase of around 1.5%.
The local experts at Ryan will continue to monitor what this increase means to taxpayers, and we are available to answer questions. If you are impacted by this increase and need assistance, please visit our Colorado website to learn more about how our experts can assist.
TECHNICAL INFORMATION CONTACTS:
Matt Poling
Principal
Ryan
720.524.0022
matt.poling@ryan.com
Joseph Monzon
Director
Ryan
972.770.1100
joseph.monzon@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.