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File #: ORD 2019-032    Version: Name:
Type: Ordinance Status: Passed
File created: 12/27/2018 In control: Town Council
On agenda: 12/3/2019 Final action: 12/3/2019
Title: Ordinance Levying General Property Taxes for the Year 2019, for 2020 Collection, for the Town of Castle Rock, Colorado (Second Reading - Approved on First Reading on September 17, 2019 by a vote of 7-0)
Attachments: 1. Attachment A: Ordinance, 2. Mill Levy Presentation-1st Rdg

To:                     Honorable Mayor and Members of Town Council

 

From:                     David L. Corliss, Town Manager

                     Trish Muller, CPA, Finance Director

 

 

Title

Ordinance Levying General Property Taxes for the Year 2019, for 2020 Collection, for the Town of Castle Rock, Colorado (Second Reading - Approved on First Reading on September 17, 2019 by a vote of 7-0)

Body

________________________________________________________________________________

 

The Ordinance was approved on first reading on September 17, 2019 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, 2019. Changes since first reading in the final valuation result in a change in the mill levy from 1.187 to 1.196 mills.

 

Executive Summary

 

Attachment A is the Ordinance establishing the Mill Levy of the Town of Castle Rock collection in 2020. In August, the County Assessor preliminarily certifies the Total Value of all Personal and Real Property in the Town. This value is used to calculate the mill levy rate that was presented in the proposed budget. In November, the County Assessor issued a final certification of the Total Value of Real and Personal Property. Based on the 2019 assessed valuation, the Town mill levy is reduced to 1.196 mills, however 2020 property tax collections remain the same. This mill levy is slightly higher than the mills requested in first reading and have been adjusted based on changes in the final certification.

 

Discussion

 

Property taxes are placed solely in the Town’s General Fund which supports core Town services including Police and Fire. As shown below, the total taxable assessed value for the Town of Castle Rock has increased approximately $167 million dollars, or 17.32 percent, from the previous year’s certified total. This results in a mill levy rate of 1.196, a decrease of 0.134 mills from the prior year, and total property tax revenue of approximately $1.35 million for the Town.