SUBJECT: Consent Agenda
Title
A Resolution of the Board of Trustees of the Town of Erie Establishing and Certifying the Property Taxes for the Town of Erie, Colorado, in Weld County and in Boulder County for 2021, to be Collected in 2022
Body
DEPARTMENT: Finance
PRESENTER: Candice Huot, Finance Manager
TIME ESTIMATE:
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Approve the Resolution that certifies the mill levy for 2021, to be collected in 2022
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Property taxes are collected in the year following the annual determination of assessed values by the county tax assessor. The Town of Erie's gross total taxable assessed valuation for properties within Weld County has decreased by 5.2% from $328,229,641 in 2021 to $311,122,030 in 2022, primarily due to valuation of oil and gas property being assessed using 2020 oil prices (the lowest in the last 5 years). On the other hand, the Town's gross total taxable assessed valuation for properties within Boulder County has increased by 14.4% from $185,031,585 in 2021 to $211,649,927 in 2022. As a result, the Town of Erie's gross total taxable assessed valuation combined has increased 3.4% from $537,152,595 in 2021 to $555,181,064 in 2022.
The total TIF district increment in 2022 is $32,409,107, which has increased 35.7% from $23,891,369 in 2021, primarily reflecting new increments generated in the Highway 287 URA and Four Corners URA. Net of this TIF increment, the net total taxable assessed valuation upon which the Town's mill levy is calculated has increased by 1.9%.
Pursuant to Colorado State Statues and the Town Municipal Code, the 2021 Operating Mill Levy (collected in 2022) will be 7.288 mills, unchanged from the prior year levy.
Erie voters approved an additional mill levy for trails and natural areas beginning in 2005. The purpose of this mill levy is the construction, acquisition and maintenance of trails and natural areas. ...
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