ITEM TITLE:
#21-18 - Establishing the 2021 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
SUMMARY STATEMENT:
• This resolution reflects the maximum levy of twenty (20) mills, pursuant to prior Council discussions during the 2021 budget hearings.
• 2021 Assessed values are as follows:
o Oil and Gas property: $1,951,892,820
o Other real property: $288,526,495
o Total: $2,240,419,315
• 2021 Property Tax Revenue, based on 20 mills: $44,808,386
o 2021 Budgeted Revenue: $44,600,000
o Maximum allowed Revenue $46,629,039
o 2021 Estimated “over cap” revenue: none
• There is one remaining residential property with a disputed assessment, as heard by Council during the April 20 BOE meeting. This property will be reflected in a supplemental roll once the valuation dispute is resolved following a second BOE meeting on May 5th. This decision will not necessitate a follow-up resolution.