Board News
December 13, 2005
Board Sets Mill Levies For 2006 Property Tax Collection
During a brief, special meeting Monday, Dec. 12 the Denver Board of Education established mill levies for the 2006 property tax collections. By state law, which determines the amount of funding for Denver Public Schools, the mill levies need to be certified no later than Dec. 15, 2005.
The mill levies are adjusted each year along with the changes in assessed valuation of the taxable property in the City and County of Denver. The Denver County Assessor recently set the amount of assessed valuation for all taxable property at $8.54 billion for the 2006 property tax collection year.
The Board resolution set 34.761 mills on each dollar of assessed valuation of all taxable property for the district's general fund. This mill levy rate is expected to generate $296.9 million for the district's general fund in calendar year 2006; the balance of the general fund is primarily from state sources of funding.
The resolution also set 5.599 mills on each dollar of assessed valuation for all taxable property for the district's Bond Redemption Fund. This mill levy rate is expected to generate $47.8 million to pay principal and interest on general obligation bonds used for various construction and other projects that are eligible for bonding under state law. (One mill is equal to one one-thousandth or .001.)
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