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Taxes General Fund Revenues Property Taxes_— The property taxes as approved will provide total revenue of $1,991,922 for fiscal year 2003, a 3.0% increase over fiscal year 2003. The assessed valuation for 2003 is $384,244,284 with the property tax rate set at 5.184 mills for the general operating purposes. In addition, the voters approved a mill levy not to exceed 1.581 mills for the payment of bonds issued to pay for construction of a new library. The revenues generated from this additional mill levy are accounted for in the City's Library Capital Construction Fund and not in the General Fund. $2,000,000 $1,800,000 0 $1,600,000 $1,400,000 $1,200,000 0 $1,000,000 Ce U. $800,000 CO $600,000 $400,000 cv $200,000 0 0 $ General Fund Property Tax - Five Year History 5.184 5.400 1 +15.200 5.000 4.800 4.600 4.400 4.200 1999 Actual 2000 Actual 2001 Actual 2002 Actual 2003 Budget 2004 Budget I I! Property Tax Revenue — — General Operating Mill Levy General Operating Mill Levy 1999 2000 2001 2002 2003 Formula: 2000 2001 2002 2003 2004 City of Louisville Property Tax Bill For a $300,000 Home $300,000 $300,000 $300,000 $300,000 $300,000 9.74% 9.74% 9.15% 9.15% 7.96% 4.643 4.767 5.292 5.184 6.710 Actual Value x Assessment Rate x Mill Levy / 1,000 = Tax Bill $135.67 $139.29 $145.27 $142.30 $160.23 [1] The Assessment Rate is set by the Colorado General Assembly, required when the level of value is changed in order to maintain the same percentage of the aggregate statewide for assessment attributable to residential real property which existed in the previous year. [2] The Mill Levy for assessment year 2003 includes an increase of 1.526 to pay for debt service on the bond issue for the construction of the new library. The bond issue and the mill levy increase was approved by the voters during the November 2003 election. The revenue generated from the 1.526 mill levy is accounted for in the Library Capital Construction Fund and not in the General Fund. 45