[BoulderCouncilHotline] Fw: Property Taxes

[Young, Mary]

Hello Hotline Followers,


As a result of property tax notifications that were received by the community last week, many on council are receiving email asking what the city can do to reduce property taxes. I wrote the following in response to a constituent and thought that it might be helpful to post on the Hotline.


Best,


Mary Dolores Young
Boulder City Council
303-501-2439

"All ethics . . . rest upon a single premise: that the individual is a member of a community of interdependent parts . . ." - Aldo Leopold

________________________________
From: Young, Mary
Sent: Monday, February 12, 2018 11:51 AM


As part of the 2017 budget process and in response to requests and community concern surrounding rising property taxes, Council requested that staff analyze what amount of rebate would result from a mil levy reduction. The following is an excerpt from the October 17, 2017 Budget Memo:


"Property tax is a main source of revenue for the city and comprises 25 percent of total

revenue in the General Fund. For 2018, property tax is estimated to be $46.5 million
citywide, an increase of 18 percent, or $6.7 million ($5.6 million goes to the General
Fund). For an average residential property valued at $500,000 the portion of city property
tax increase is $40/year (the city portion of the total property tax bill comprises roughly
14 percent).

If Council were to provide a temporary credit to the mill and decrease the total mills by 1,
the net effect on the General Fund alone, would be a decrease of $3.7 million and save
that same residential property owner $43/year. Similarly, if the mill were to reduce by
half a mill, the General Fund would have to cut $1.85 million and save a residential home
owner $21.50/year."

As you can see, the individual monetary impact resulting from a reduction in the city mil levy would be minimal.

Property tax calculation in Colorado is complex. The following video is well worth your 6.5 minutes to watch:
https://www.youtube.com/watch?v=26XNSVyKubU&feature=youtu.be

[https://i.ytimg.com/vi/26XNSVyKubU/hqdefault.jpg]<https://www.youtube.com/watch?v=26XNSVyKubU&feature=youtu.be>

When Gallagher and TABOR meet: A toxic mixture - YouTube<https://www.youtube.com/watch?v=26XNSVyKubU&feature=youtu.be>
www.youtube.com
This video explains how the collision of the Gallagher and TABOR amendments in Colorado has been not only cutting funding for K-12 schools, but also for ...

There are a couple of actions that can be taken to help mitigate the impact of the increases in property tax if you qualify:

  1.  Food Tax Rebate: http://user.govoutreach.com/boulder/faq.php?cmd=shell&goparms=cid%3D23816
  2.  Colorado Senior Tax Exemption: https://www.bouldercounty.org/property-and-land/assessor/senior-exemption/


The food tax rebate provides an average savings of $90 (roughly equivalent to a 2 mil levy reduction) per year and the senior rebate $600.


Mary Dolores Young
Boulder City Council
303-501-2439

"All ethics . . . rest upon a single premise: that the individual is a member of a community of interdependent parts . . ." - Aldo Leopold

________________________________
From: fallerj at jila.colorado.edu <fallerj at jila.colorado.edu>
Sent: Sunday, February 11, 2018 3:34:57 PM
To: Yates, Bob
Cc: Council
Subject: Re: Boulder Bulletin

Bob
Yes property assessments have risen dramatically BUT the 'response'
to the artificiality of this is simply for the powers who would be to
LOWER the mil rates. A number of Camera letter writers have
suggested this...as I have also. But on this point, you and the
others on the Council continue to remain silent; and as you probably
remember (early English law), 'silence gives consent!' Accordingly,
those of us who worry about survival in the town we've been living
and contributing to for(in my case) some 50 years wonder why you and
the other council members don't speak out on this point. Or do you
all believe this 'flushing of the old and welcoming of the 'new' is
somehow the latest in proper social engineering...or have you all
simply sold our to the ever more growth and the developer crowd?

Jim Faller
--

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> Matt Benjamin, who made a valiant run for a city council seat last fall,
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