Title
Ordinance No. 23-62 Making and Certifying the 2023 Tax Levy for Taxes Payable in 2024 at 3.579 Mills (comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 0.70 mills) Upon Each Dollar of Assessed Valuation of All Taxable Property and a Tax Credit of 3.579 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:
This item was first introduced with a different mill levy credit at Council Work Session on November 13, 2023 and had its first reading on November 14, 2023. Subsequent to that the State held a special legislative session and SB 23-23B-001 was passed. SB 23-23B-001 reduces the valuation of residential real property within the City, as a result the City reevaluated the temporary mill levy tax credit on real property. The temporary mill levy tax credit has been reduced from 0.93 Mills to 0.70 Mills.
For 2023, 3.579 mills is set as a tax levy for City purposes to be due and payable in and during the year 2024. This mill levy is comprised of a general operating mill levy of 4.279 mills and a temporary tax credit of 0.70 mills. Due to the reassessment of real property within the City during 2023 and the decrease in assessment rates due to SB 22-238 and SB 23-23B-001, the City anticipates excee...
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