SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Establishing and Certifying the Property Taxes for the Town of Erie, Colorado in Weld and Boulder Counties for 2025, to be collected in 2026.
Department
DEPARTMENT: Finance
Presenter
PRESENTER(S): Sara Hancock, Director of Finance
Cassie Bethune, Budget & Fiscal Manager
end
Time
TIME ESTIMATE: 15 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
The mill levy certification is required to be reviewed and approved by Council. This certification is needed to formally authorize the collection of property taxes required to fund the Town’s approved annual budget.
Recommendation
STAFF RECOMMENDATION:
Approve the resolution certifying the mill levy for 2025, to be collected in 2026.
Body
SUMMARY/KEY POINTS
• The total mill levy to be certified with each county is 13.237 for 2025, to be collected in 2026.
• The new mill levy represents a reduction of 0.145 mills from the previous year’s levy.
• The net total taxable assessed valuation increased by $55,332,441, or 7.8%, compared to the prior year.
BACKGROUND OF SUBJECT MATTER:
Property taxes are collected by the county tax assessor in the year following the annual determination of assessed values. The Town of Erie’s gross total taxable assessed valuation for properties within Weld County increased by 9.1% from $455,014,930 in 2025 to $496,210,020 in 2026. The Town’s gross total taxable assessed valuation for properties within Boulder County increased by 6.9% from $315,061,782 in 2025 to $336,929,498 in 2026. As a result, the Town's combined gross total taxable assessed valuation has increased 8.2% from $770,076,712 in 2025 to $833,139,518 in 2026.
The total TIF district increment in 2026 is $67,199,615, an increase of 13.0% from $59,469,250 in 2025. Net of this TIF increment, the net total taxable assessed valuation on which the Town’s mill levy is calculated has increased by 7.8%.
Pursuant to Colorado State Statutes and the Town Municipal Code, the 2025 Operating Mill Levy (collected in 2026) will be 7.288 mills, unchanged from the prior year levy.
Erie voters approved an additional mill levy for trails, natural areas and community character (TNACC) beginning in 2005 and approved an extension of this mill levy in 2022. The purpose of this mill levy is to construct, acquire, and maintain trails and natural areas. The TNACC Levy will be certified to each county as 4.000 mills for 2025, unchanged from the prior year.
In addition, Erie voters approved an additional mill levy in 2006 for debt service on the general obligation bonds issued to construct the Erie Community Center. The ballot issue allows the mill levy to be increased in any year without limitation to pay for premium (if any), principal and interest on the existing debt or any refunding debt thereafter. The original mill levy for the Erie Community Center Construction Bond, which was certified in 2007, was 7.320 mills. This mill levy will be certified to each county as 1.667 mills for 2025 (to be collected in 2026). This is a decrease of 0.124 mills compared to the prior year and a decrease of 5.653 mills since the original levy. The mill levy is calculated by dividing the annual required debt service by the net total taxable assessed valuation. The annual increases/decreases in net total taxable assessed valuation have caused temporary reductions and increases in prior years, none of which caused the mill levy to exceed the original levy of 7.320 mills.
In 2014, Erie voters approved an additional mill levy for debt service on the general obligation bonds issued to fund construction of a new public safety facility. The ballot issue allows the mill levy to be increased in any year without limitation to pay for premium (if any), principal and interest on the existing debt or any refunding debt thereafter. The original mill levy for the Public Safety Building Bond, which was certified in 2015, was 0.878 mills. This mill levy shall be certified to each county as 0.282 mills for 2025 (to be collected in 2026). This is a decrease of 0.021 mills compared to the prior year and a decrease of 0.596 mills since the original levy. As indicated above, the annual increases/decreases in net total taxable assessed valuation have caused temporary reductions and increases in prior years, none of which caused the mill levy to exceed the original levy of 0.878 mills.
The total mill levy for General Obligation Bond Debt Service for the community center bonds and the public safety facility bonds will be 1.949 mills in 2025 (collected in 2026), a decrease of 0.145 mills compared with the 2.094 mills in 2024 (collected in 2025) reflecting the increase in the Town’s net total taxable assessed valuation.
The total mill levy certified to each county is 13.237 for 2025 (to be collected in 2026). This represents a decrease of 0.145 mills from the levy in the prior year due to the decrease in the mill levy for General Obligation Bond Debt service as indicated above.
priorities
attachments
ATTACHMENT(S):
1. Resolution 25-215
2. Presentation