To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: David L. Corliss, Town Manager
Trish Muller CPA, Finance Director
Title
Ordinance Levying General Property Taxes for the Town of Castle Rock, Colorado, for the Year 2024, to be Collected in 2025 (Second Reading - Approved on First Reading on September 3, 2024 by a vote 7-0)
Body
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Executive Summary
Property taxes are placed solely in the Town’s General Fund which supports core Town services including Police and Fire. A preliminary abstract of taxable assessed values was received from the County Assessor in August which is used to calculate the mill levy rate presented in the 2025 proposed budget. The final taxable assessed valuation is received in November. As shown below, 2024 preliminary taxable assessed values have decreased approximately $7.5 million dollars, or 0.46%percent, from the previous year’s total. This results in a mill levy rate of 0.92 and property tax revenue of approximately $1.54 million for the Town to be collected in 2025.
|
2023 Assessed Valuation |
1,681,835,949 |
|
2024 Preliminary Valuation |
1,674,147,770 |
|
Difference |
$ (7,688,179) |
|
2024 Property Tax Revenue |
$ 1,540,216 |
|
Difference |
-0.46% |
Per the Colorado revised state statutes 29-01-301 (1) (a), all statutory tax levies for collection in 1989 and thereafter when applied to the total valuation for assessment of the state, each of the counties, cities, and towns not chartered as home rule shall be so reduced as to prohibit the levying of a greater amount of revenue than was levied in the prior year plus five and one-half percent. Castle Rock Municipal Code also states that the Town shall levy no more than the amount of revenue that was levied in the preceding year plus five and one-half percent. Annual growth in excess of the five and one-half percent limitation results in a corresponding mill levy reduction in that year in order to align with the revenue growth limitation.
The table below shows history of the mill levy rate since 2005.
Financial Impact
Using the preliminary taxable assessed valuation approximately $1.54 million in property tax revenue will be collected in 2025 based on a 0.92 mill levy.
Staff Recommendation
Staff recommend that Town Council approve this Ordinance as written.
Proposed Motion
“I move to approve on second reading an Ordinance Levying General Property Taxes for the Year 2024, for 2025 Collection, for the Town of Castle Rock, Colorado.”
Attachments
Attachment A: Ordinance