A recent study by The Denver Gazette revealed that the average Denver resident pays around $1,723.33 in annual taxes, with the majority of that revenue going towards public safety and capital projects. Using a household with an annual income of $124,100 and a $450,000 home as an example, the study found that public safety accounted for $499.69 of the total tax bill, followed by capital projects at $446.09. Other allocations included social services and community advocacy at $150.77, parks, recreation and culture at $98.58, public works at $92.43, internal city services at $85.12, and technology services at $68.24.
The majority of the revenue collected from residents is directed towards capital funding projects, which involve major infrastructure improvements and construction projects that benefit the city as a whole. Examples of past projects funded by these taxes include the 16th Street Mall project and the National Western Center projects.
Overall, the study provides insight into how taxpayer dollars are allocated within the city of Denver and sheds light on the importance of funding public safety and capital projects in order to maintain and improve the city’s infrastructure. Residents can use the city’s unofficial tax receipt tool to see how their own tax dollars are being spent and better understand the impact of their contributions to the city’s budget.
Source
Photo credit denvergazette.com