ITEM TITLE:
#20-27 - Establishing the 2020 Rate of Real Property Tax and Designating the Number of Mills for each Dollar of Real Property to be Levied for Municipal and School Purposes
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve resolution establishing the 2020 mill levy at a rate of twenty mills
SUMMARY STATEMENT:
• This resolution reflects the maximum levy of twenty (20) mills, pursuant to prior Council discussions during the 2020 budget hearings.
• Assessed values are as follows:
o Oil and Gas property: $1,950,652,640
o Other real property: $289,051,370
o Total: $2,239,704,010
• 2020 Property Tax Revenue, based on 20 mills: $44,794,080
o 2020 Budgeted Revenue: $44,000,000
o 2020 Estimated “over cap” revenue: $ 3,100,000
o 2020 Scheduled Debt Service: $ 3,933,710
• There are three remaining disputed assessments, for which there will be a second Board of Equalization hearing. This will not necessitate a follow-up resolution, but will be reflected in the final tax roll figures.