Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Centennial sets 2024 mill levy at 5.002 mills; estimated $15.7M in property tax revenue
Summary
City finance director Jeff Cadiz recommended a 5.002-mill levy for 2024 taxes payable in 2025; council approved resolution 2024-R-57, estimating roughly $15.7 million in property-tax collections, about $95,000 below the budget projection.
The Centennial City Council voted 8-0 on Dec. 10 to adopt resolution 2024-R-57, setting the 2024 mill levy at 5.002 mills for taxes payable in 2025. Jeff Cadiz, the city's finance director, presented the calculation and key assumptions.
Cadiz explained the mill levy calculation is a standard annual process using final assessed values provided by the county. He said assessed values increased by 0.52% from 2023, driven largely by new residential multifamily construction, and that the recommended mill levy of 5.002 mills would yield about $15.7 million in property-tax revenue.
"So with the assessed values and the slight adjustment for the refunds and tax abatements, the mill levy for collections for 24 taxes is recommended at 5.002 mills, and that equates to about 15,700,000 in property tax revenues," Cadiz said.
Cadiz noted that the revenue estimate is roughly $95,000 less than the number the council adopted in the recent budget and that the calculation includes adjustments for prior-year abatements and refunds that the city can recoup. After brief discussion the council moved to approve the resolution; the motion passed 8-0.
The adopted mill levy will be used to calculate property taxes payable in 2025 and is consistent with the state's statutory process for mill-levy certification and collection.
