To: Honorable Mayor and Members of Town Council
From: Kristin Zagurski, Assistant to the Town Manager
Title
Update: 2017 Metro Districts Mill Levy Report
Body
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Executive Summary
A metro district is a taxing entity that exists primarily to finance public improvements that benefit property owners in that district. Numerous metro districts exist within the Town.
Each year, staff works with Douglas County’s Department of Community Development and Community Resources to obtain updated information regarding the median home value in Castle Rock. Following the recent reappraisal by the County, that value is now $373,254. (This had been $306,851 prior to the reappraisal.) This means that - as of May 31, 2017 - half of the 19,313 completed housing units in Castle Rock have a value above that amount, and half have a value below that amount. This includes all single-family detached and attached houses, townhouses, condos and duplexes.
Using the median home value, staff then updates the attached document, which compares what residents in Castle Rock’s various metro districts pay annually in property tax. (Property tax is usually paid as part of one’s mortgage payment.)
Some property taxes are common to most Castle Rock property owners, including taxes paid to the local schools, County, libraries, cemetery and the Town. For some areas, including Craig & Gould, Glovers, Metzler Ranch, Plum Creek and Red Hawk, those entities are the only entities that collect property taxes. Based upon the updated home value data, the owner of a median-valued home in those areas would have a total 2017 property tax of $1,773.42. Comparing those areas to areas with metro districts, the property tax is significantly greater in the latter areas, ranging from $2,195.20 on the low end to $3,913.10 on the high end. Detailed property tax information by metro district is in the attached report.
Attachments
Attachment A: 2017 Metro Districts Mill Levy Report