The full "Understanding the Budget" series is available here.
While Loretta is a member of the Citizens' Budget Advisory Committee (CBAC), these articles reflect Loretta's personal understanding and do not represent positions of the CBAC.
We now have the background to dig deeper into an example of 2024 property taxes that are being paid in 2025.
As a reminder for 2024 property taxes that are paid in 2025,
Property Taxes Due = (Assessed Value – any applicable adjustment) x Assessment Rate x Mill Levy
Our previous examples (properties in Golden but not downtown) were these.
- Residential property: ($750,000 - $55,000) x 6.7% x .0908060 = $4,228.38
- Business property: ($750,000 - $30,000) x 27.9% x .0908060 = $18,199.73
These taxes would be distributed as follows (residential, business)
|
Mill Levy |
Residential |
Commercial |
|
|
Jeffco School District |
44.4880 |
$
2,071.58 |
$
8,916.48 |
|
Jefferson County |
26.9780 |
$
1,256.23 |
$
5,407.05 |
|
City of Golden |
12.3400 |
$
574.61 |
$
2,473.24 |
|
Golden Fire Dept Fund |
6.0000 |
$
279.39 |
$
1,202.55 |
|
Drainage & Flood
Control |
1.0000 |
$
46.57 |
$
200.42 |
|
Total for Non- Downtown Properties |
90.8060 |
$
4,228.38 |
$ 18,199.73 |
|
Add’l for Downtown Properties |
|||
|
Golden DDA |
5.0000 |
$
232.83 |
$
1,004.40 |
|
Golden GDGID |
1.7520 |
$
81.58 |
$
351.94 |
When these taxes are accumulated across the city, the 2025 Budget (page 32 and 34) estimates the following property tax amounts going to each fund.
- City of Golden General Fund: $9,400,000
- Golden Fire Department Fund: $4,636,000
The additional amounts from property taxes for downtown properties based on the dedicated mill levies are estimated at these amounts in the 2025 Budget (pages 49 and 50).
- DDA: $310,000
- GDGID Fund: $52,000
