To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Ordinance Levying General Property Taxes for the Year 2018, for 2019 Collection, for the Castle Rock Downtown Development Authority (Second Reading - Approved on First Reading on September 18, 2018 by a vote of 7-0)
Body
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The Ordinance was approved on first reading on September 18, 2018 with a vote of 7 to 0 with changes as follows:
Changes to the Ordinance have been made for the Second Reading and include the incorporation of the final assessed valuation information received from the Douglas County Assessor’s Office dated November 21, 2018.
Executive Summary
Attached is the Ordinance establishing the Mill Levy of the Castle Rock Downtown Development Authority for collection in 2019 (Attachment A). In August, the County Assessor certifies the Total Value of all Personal and Real Property within the Authority. This value is used to calculate the preliminary mill levy rate. In December, the County Assessor recertifies the Total Value of Real and Personal Property (Attachment B).
Discussion
The Castle Rock Downtown Development Authority Board of Directors has requested Town Council to certify its respective mill levy of 3.000 mills, which, based on the assessed valuation provided by the Douglas County Assessor’s Office, is anticipated to yield approximately $164,917.
Budget Impact
The final assessed valuation is received and certified in December 2018, and the resulting property tax revenue will be reflected in 2019.
Staff Recommendation
Staff recommends 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 2018, for 2019 Collection, for the Castle Rock Downtown Development Authority.”
Attachments
Attachment A: Ordinance - Second Reading
Attachment B: Certificate of Valuation