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The Assessor reported that the City of Louisville's gross assessed valuation increased by 8.5%, from $664,626,555 in 2018 to $720,889,104 in 2019. The City's total net assessed valuation, which is the City's gross valuation less the Urban Revitalization District's incremental assessed valuation, increased by 8.3%, from $645,591,119 in 2019 to $699,269,485 in 2019. New construction accounted for $20, 368, 594. The General Fund mil levy will remain at 5.184 mils. Therefore, General Fund property tax revenue will increase by 8.3%, from $3,296,540 in 2019 to $3,570,640 in 2020. A three year summary of the City's mil levies is shown in the following table. General Levy Library Bonds Debt Service Levy Rec Center Bonds Debt Service Levy Total City of Louisville Mil Levy [1] Collection year 2018 [1] 2019 [1] 2020 [1] Actual Actual Estimate 5.184 5.184 5.184 0.900 - 2.785 2.750 2.750 8.869 7.934 7.934 Factoring out new construction from the City's actual value of all real property, results in an estimated average increase in property value of approximately 7.5%. Section 3(1)(b) of Article X of the Colorado Constitution (Gallagher Amendment) was passed in 1982 and requires statewide residential property assessed values be adjusted to maintain a constant relationship to statewide non-residential taxable value of approximately 45% of the total of all property values. Based on calculations by the Division of Property Taxation and the Department of Local Affairs (DOLA), Senate Bill 19-255 reduced the residential assessment rate for 2019-2020 to 7.15% (from 7.20%) in order to maintain the residential target share in the statewide property tax base. The following schedule provides an example of the property tax impact on a residential unit with a 7.5% increase in actual value and a reduction in the residential assessment rate to 7.15%. 2019 [1] 2020 [1] Estimate Estimate Actual Value of Residential Property [2] $500,000 $537,500 x Residential Assessment Rate 7.20% 7.15% = Assessed Value $36,000 $38,431 x City of Louisville Mil Levy/1,000 0.007934 0.007934 = Property Tax due to City of Louisville $286 $305 [1] Collection Year [2] As Determined by County Assessor 6.6% 4