Title
An Ordinance Making and Certifying the 2026 Tax Levy for Taxes Payable in 2027 at 4.279 Mills Upon Each Dollar of Assessed Valuation of All Taxable Property and a Tax Credit of 4.279 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 2026, the budget released on October 5, 2026 included Property Tax revenue of $28,105,886, because of a proposed mill levy of 3.209 mills (4.279 mills less a temporary mill levy credit of 1.070 mills). As a result of City Council removing the temporary mill levy credit of 1.070 mills during the mark-up session, 4.279 mills is set as a tax levy for City purposes to be due and payable in and during the year 2027. This mill levy is comprised of a general operating mill levy of 4.279 mills.
Previous Council Action:
The 2027 Budget was provided to City Council on October 5, 2026 and included Property Tax revenue of $28,105,886. City Council held a budget work session and a mark-up session to review and discuss the 2027 Budget. As part of the mark-up session, City Council agreed to remove the temporary mill levy credit of 1.070 mills, and collect the full mill levy of 4.279 mills, resulting in an increase in anticipated Property Tax revenue of $9,371,548, for a total Property Tax revenue budget of...
Click here for full text