County mill budgeted for $1.8 million in 2010
Sky-Hi Daily News
Grand County, CO Colorado
In passing its $44 million budget for next year, Grand County commissioners approved a county mill levy of 15.155 mills, the same as 2009.
Because assessments increased by 14 percent, the mills translate into a 14 percent increase in property taxes to county coffers. Budgeted revenue to the county from property taxes in 2010 amounts to $14.5 million, up from $12.7 million in 2009.
Property taxes are the single largest revenue generator for the county.
Mill levies are the rates of taxation set by each taxing authority, not the Assessor’s office. Each tax authority has a district boundary. A taxpayer’s total mill levy is calculated based upon where their property is located. The county, towns, schools and special districts each have a separate mill levy, which is indicated on the annual bill taxpayers receive from the County Treasurer.
Property tax is calculated by multiplying the assessor’s appraised value (actual value times assessment rate) multiplied by the mill levy.
The taxes on a residential property valued at $100,000 with a mill levy of 57.25 would be calculated as follows:
$100,000 x 7.96% = $7,960 x .05725= $455.71
(Actual Value) x (Assessment Rate) = (Assessed Value) x (Mill Levy) = Tax
Source: Grand County Assessor’s Office: http://co.grand.co.us/Assessor/FAQS.html
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