Title
An Ordinance Making and Certifying the 2025 Tax Levy for Taxes Payable in 2026 at 3.009 Mills (comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 1.270 mills) Upon Each Dollar of Assessed Valuation of All Taxable Property and a Tax Credit of 3.009 Mills Upon Each Dollar of Assessed Valuation of All Taxable Business Personal Property Within the Corporate Limits of the City of Colorado Springs
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
Per City Charter 7-40.Levy, the Council shall make by ordinance the proper levy in mills upon each dollar of the assessed valuation of all taxable property within the City, and shall thereupon cause the total levy to be certified to the County Assessor. Further, as provided by City Charter, the Colorado Constitution, and the laws of the State of Colorado, City Council grants a property tax credit on all taxable business personal property equal to one hundred percent (100%) of the mill levy. The attached Ordinance fulfills these requirements.
Background:
For 2025, 3.009 mills is set as a tax levy for City purposes to be due and payable in and during the year 2026. This mill levy is comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 1.270 mills. The City anticipates exceeding the TABOR Property Tax limit by approximately $8.4 million for 2025 taxes payable in 2026. The City also collected 2024 property tax in excess of the TABOR Property Tax limit of $3.0 million. To provide some property tax relief to citizens and to reduce the property tax revenue received by the City to below the TABOR Property Tax limit, the 2026 budget includes a temporary mill levy tax credit on real property of 1.270 mills.
Previous Council Action:
The 2026 Budget was provided to City Council on October 6, 2025 and includes Property Tax revenue of $26,885,217. City Council held a budget work session and a mark-up session to review and di...
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