Title
Ordinance No. 20-89 Making and Certifying the 2020 Tax Levy for Taxes Payable in 2021 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 gross mill levy. The attached Ordinance fulfills these requirements.
Background:
For 2020, 4.279 mills is set as a tax levy for City purposes to be due and payable in and during the year 2021, which is unchanged from the prior year. For 2020 taxes, payable in and during 2021, a one hundred percent (100%) tax credit of 4.279 mills upon each dollar of assessed valuation of all taxable business personal property.
Previous Council Action:
The 2021 Budget that was provided to City Council on October 5, 2020, and includes a Property Tax revenue amount of $23,626,916. City Council held one budget work session and two mark-up sessions to review and discuss the 2021 Budget.
Financial Implications:
The City's 2021 property tax revenue is budgeted for $23,626,916.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
Public input was received by City Council at a formal public hearing held on October 26, 2020.
Alternatives:
Per City Charter 7-40.Levy, if the Council fails in any year to make the tax levy, then the rate la...
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