Glenwood Springs residents to see a lower mill levy next year
Post Independent Staff
Glenwood Springs, CO Colorado
GLENWOOD SPRINGS, Colorado – Glenwood Springs homeowners will likely still see an increase in their property taxes for 2010 due to increased valuations countywide, but the city of Glenwood won’t benefit much from the higher valuations.
City Council approved the temporary tax credit for homeowners of 0.64 mills, bringing Glenwood’s mill levy down from 4.6 for 2009, to 3.7 for 2010, according to Glenwood Finance Director Mike Harman.
While the added income would help the city – which has so far in 2009 suffered a 20 percent reduction in sales tax revenues, which is the city’s major funding source – it has elected to give tax payers a break anyway.
Jeff Hecksel told City Council at its Nov. 19 meeting that the city may not be required to provide the temporary tax credit but has chosen to.
“We could certainly use [the extra funds],” Hecksel said. “But in deference to the tax payers of this community, it’s not being pursued.”
Participate in The Longevity Project
The Longevity Project is an annual campaign to help educate readers about what it takes to live a long, fulfilling life in our valley. This year Kevin shares his story of hope and celebration of life with his presentation Cracked, Not Broken as we explore the critical and relevant topic of mental health.
Glenwood’s gross assessed valuation was $283,187,690, as reported by County Assessor John Gorman.
Lowering the mill levy will keep the revenues generated for the city about the same. The total mill levy will amount to $1,028,086 in revenues for the city of Glenwood Springs for 2010, or about $8,000 less than was collected for 2009, Harman said. The revenues will be included in the 2010 general fund account to pay for general expenses.
“The total is down,” Harman said. “The reason is that the assessed values have increased and we have to stick within the TABOR limits.”
The Tax Payer Bill of Rights (TABOR) requires any increases in overall tax revenues be taken to voters for approval.
Council also approved a temporary tax credit of 0.43 for the city’s General Improvement District. The GID mill levy will be set at 2.01 for 2010, according to the preliminary documents from the finance department, and will generate about $45,685 in revenues. That is an increase of only $408 compared to this year.
The GID funds pay for improvements to parking and for beautification purposes within the boundaries of the district, which includes 10 complete and four partial city blocks between Seventh Street and 11th Street between Pitkin and Bennett avenues.
The amounts included in the current mill documents are based on the Aug. 25 certification of values from the Assessor’s Office. Final numbers are not due to be distributed to taxing entities until Dec. 10. But the city is required to certify the mill levies to county commissioners, by Dec. 15.
A revised certification of tax levy will be attached to the ordinance upon completion after the final certification of values is received, according to Harman. While there could be changes in the numbers, Harman said that historically, only minimal changes have occurred, if any.