ITEM TITLE:
#23-22 - Establishing the 2023 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 2023 budget hearings
• 2023 Assessed values are as follows:
o Oil and Gas Property $2,121,666,160
o Other Real Property $324,051,372
o Total: $2,445,717,532
• 2023 Property Tax Revenue, based on 20 mills: $48,914,351
o 2023 Adopted Budget Revenue: $48,632,564
o Maximum Allowed Revenue: $58,030,095
o 2023 Estimated “over cap” Revenue: none
• There are 140 properties with disputed assessments, as scheduled to be heard by the Board of Equalization (BOE) during ongoing BOE hearings. These properties will be reflected in a supplemental roll once the valuation disputes are resolved following the conclusion of BOE hearings.
• 13 assessments on the 43.56 Preliminary Assessment Roll were appealed. The State Petroleum Property Assessor forwarded appeal outcomes totaling $0 reflecting the Department of Revenue Informal Conference Decision.
• Staff will apprise Council of any procedural formalities arising from a future revision to the assessment roll.