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LL �t�'.t'f FINANCE COMMITTEE <br />Loll sville COMMUNICATION <br />COLORADO • SINCE 1878 <br />SUBJECT: PRELIMINARY ASSESSED VALUATION <br />DATE: OCTOBER 20, 2020 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />The City has received its preliminary 2020 assessed valuation amounts from the Boulder <br />County Assessor. These assessed valuations, multiplied by the mil levies, determine the <br />amount of property tax revenue that will be received in 2021. <br />The Assessor is reporting that the City of Louisville's gross assessed valuation increased <br />by 4.95%, from $696,093,611 in 2019 to $730,522,710 in 2020. The City of Louisville's <br />total net assessed valuation, which is the City's gross valuation less the Urban <br />Revitalization District's incremental assessed valuation, increased by 4.86%, from <br />$674,831,240 in 2019 to $707,619,846 in 2020. Please note that 2020 is not a "re- <br />assessment" year, so most of the change is a result of new construction. <br />If the General Fund mil levy remains the same at 5.184 mils, General Fund property tax <br />revenue will also increase by 4.86%, from $3,445,850 in 2020 to $3,613,277 in 2021. If <br />the Recreation Center Debt Service Fund mil levy remains the same at 2.750 mils, <br />Recreation Center Debt Service Fund property tax revenue will also increase from <br />$1,837,949 in 2020 to $1,916,765 in 2021. <br />Please note that these are preliminary amounts and could change significantly. The final <br />assessed valuations are scheduled to be distributed at the end of November. <br />FINANCE COMMITTEE COMMUNICATION <br />13 <br />