To: Honorable Mayor and Members of Town Council
From: Kristin Read, Assistant Town Manager
Title
2020 Metro Districts Mill Levy Report
Body
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Executive Summary
A metro district is a taxing entity, separate from the Town of Castle Rock, that exists primarily to finance public improvements that benefit property owners within the district. Numerous metro districts exist in Castle Rock.
Metro districts assess property taxes to property owners in their particular area. Other property taxes are common to most Castle Rock property owners. These include property taxes paid to the local schools, County, libraries, cemetery and the Town. (Some areas, including Craig & Gould, Glovers, Metzler Ranch, Plum Creek and Red Hawk, do not have a metro district nor an associated property tax.)
Based upon the most recent home value data from the Douglas County Assessor’ Office, the owner of a median-valued home in areas of Town without a metro district will have a total 2020 property tax of $2,099.79.
Comparing those areas to areas with metro districts, the property tax is significantly greater in areas with a metro district. Taxes on a median-valued home in areas with a metro district range from $2,581.18 on the low end to $4,807.90 on the high end.
More detailed information is available in the attached report (Attachment A), 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. It is based off of the appraised value of one’s home. According to the County Assessor’s Office, the median home value in Castle Rock is $428,977 as of April 30, 2020. (Median values by neighborhood are available in Attachment B.)
Median value means that half of the 22,092 completed housing units in Castle Rock at that time had a value above that amount, and half had a value below that amount. The units factored into that value were single-family detached houses, condominiums and townhomes.
Attachment
Attachment A 2020 Metro Districts Mill Levy Report
Attachment B Assessor’s Median Actual Value: Tax Year - 2020