ITEM TITLE:
#22-31 - Establishing the 2022 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: Jordan Nelson, 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 2022 budget hearings.
• 2022 Assessed values are as follows:
o Oil and Gas property: $2,287,465,230
o Other real property: $299,758,766
o Total: $2,587,223,996
• 2022 Property Tax Revenue, based on 20 mills: $51,744,480
o 2022 Adopted Budget Revenue: $44,800,000
o 2022 Revised Budget Revenue: $52,896,277
o Maximum allowed Revenue: $48,708,683
• 2022 Property Tax Revenue “over cap” to be applied to bonded indebtedness:
o 2022 “over cap” revenue: $3,035,797
o 2022 Scheduled Debt Service: $4,347,657
• There are 168 properties with disputed assessments, as scheduled to be heard by Council during ongoing Board of Equalization (BOE) hearings. These properties will be reflected in a supplemental roll once the valuation disputes are resolved following the conclusion of BOE hearings.
• Staff will apprise Council of any procedural formalities arising from a future revision to the assessment roll.