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Lakewood finance director explains property-tax breakdown; urges eligible residents to apply for homestead exemption
Summary
Director Mahoney, Director, Finance Department, told the Finance Committee the schools receive about 52.55% of property-tax payments while the city receives about 24.35%, and that the state reimburses local governments for homestead and rollback reductions.
Director Mahoney, Director, Finance Department, told the Lakewood City Council Finance Committee on Oct. 27 that property-tax revenue is a major funding source for the city and that the allocation of those dollars is split among multiple taxing authorities. "The schools receive 52.55% of your property tax payments and the city, 24.35," Mahoney said, presenting a short explainer circulated in advance of the meeting.
Mahoney said the city received just over $27,000,000 in property-tax collections in 2025 and that the state reimburses local governments for three types of reductions: the homestead exemption, a 10% rollback and a 2.5% rollback. "All three of those reductions are paid repaid to the city by the state," Mahoney said, adding that the state reimbursement for homestead exemptions in 2025 was "just over $276,000." He estimated "about 440 households in the city of Lakewood" had the homestead exemption and encouraged council members to help spread awareness to eligible households, particularly residents over 65 and lower-income homeowners.
Mahoney also reviewed how assessed value is calculated and how millage applies: assessed value is based on a percentage of market value (the presentation used 35% as an example) and Lakewood’s total city millage is about 17.4 mills. He flagged that roughly $5 million of current inside millage goes to bond retirement and said losing inside-millage revenue would be detrimental to the city’s debt obligations. The director explained that house Bill 920 (HB 920) affects school levies but does not change the city’s charter millages.
Council members asked whether the 10% and 2.5% reductions require an application; Mahoney said those are believed to be automatic but that she would confirm. Council members discussed outreach options, naming the Lakewood Community Service Center and Lakewood Alive as possible partners to increase applications from eligible households. Mahoney said she could provide historical trend data on property-tax collections; when asked about how the latest reappraisal affected receipts she said the most recent reappraisal added roughly $6,000,000 in valuation for the city.
The committee voted to accept Director Mahoney’s memo explaining property taxes into the committee record so it may be included in meeting minutes and public records.
