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File #: ORD 2019-033    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 Castle Rock Downtown Development Authority (Second Reading - Approved on First Reading on September 17, 2019 by a vote of 7- 0)
Attachments: 1. Attachment A: Ordinance, 2. Attachment B: Certificate of Valuation

To:                     Honorable Mayor and Members of Town Council

 

From:                     Trish Muller, CPA, Finance Director

 

Title

Ordinance Levying General Property Taxes for the Year 2019, for 2020 Collection, for the Castle Rock Downtown Development Authority (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 by 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.

 

Executive Summary

 

Attached is the Ordinance establishing the Mill Levy of the Castle Rock Downtown Development Authority for collection in 2020 (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.

 

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 preliminary assessed valuation provided by the Douglas County Assessor’s Office, is anticipated to yield approximately $178,226.

 

Budget Impact

 

As the final assessed valuation is received and certified in December, the resulting property tax revenue will be reflected in 2020.

 

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 2019, for 2020 Collection, for the Castle Rock Downtown Development Authority.”

 

Attachments

 

Attachment A: Ordinance

Attachment B: Certificate of Valuation