Title
Ordinance No. 21-106 Making and Certifying the 2021 Tax Levy for Taxes Payable in 2022 at 3.929 Mills (comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 0.35 mills) Upon Each Dollar of Assessed Valuation of All Taxable Property and a Tax Credit of 3.929 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 2021, 3.929 mills is set as a tax levy for City purposes to be due and payable in and during the year 2021. This mill levy is comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 0.35 mills. Due to the reassessment of real property within the City during 2021, the City anticipates exceeding the TABOR Property Tax limit by approximately $2.2 million in 2022. 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 2022 budget includes a temporary mill levy tax credit on real property of approximately 0.35 mills, or approximately $2.2 million.
Previous Council Action:
The 2022 Budget that was provided to City Council on October 4, 2021 and includes a Property Tax revenue amount of $25,189,916. City Council held one budget work session and one mark-up sess...
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