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L <br />Cityof FINANCE COMMITTEE <br />Louis- ville COMMUNICATION <br />COLORADO -SINCE 1878 <br />SUBJECT: PRELIMINARY ASSESSED VALUATION <br />DATE: SEPTEMBER 27, 2021 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />The City has received its preliminary 2021 assessed valuation amounts from the Boulder <br />County Assessor's Office. These valuations, multiplied by the mill levies, determine the <br />amount of property tax revenue the City will receive in 2022. <br />The Assessor reported the City of Louisville's gross assessed valuation increased by <br />9.80%, from $728,802,059 in 2020, to $800,216,959 in 2021. <br />The City of Louisville's total net assessed valuation, which is the City's gross valuation <br />less the Urban Revitalization District's incremental assessed valuation, increased by <br />9.78%, from $706,320,493 in 2020, to $775,368,866 in 2021. Please note that 2021 is a <br />"re -assessment" year, so changes in valuation are due to changes in both actual values <br />and to new construction. <br />If the General Fund mill levy remains the same at 5.184 mills, General Fund property tax <br />revenue will increase by the same percentage as the net assessed valuation (9.78%), <br />from $3,661,565 in 2021, to $4,019,512 in 2022. <br />If the Recreation Center Debt Service Fund mill levy remains the same at 2.750 mills, <br />Recreation Center Debt Service Fund property tax revenue will also increase by 9.78%, <br />from $1,942,381 in 2021 to $2,132,264 in 2022. However, staff is recommending a <br />reduction in the Recreation Center Bond levy to a minimum amount necessary to pay <br />principal, interest, and miscellaneous costs during the year. This will be discussed in <br />more detail under another agenda item. <br />Attached are copies of the notices from the Boulder County Assessor. Please remember <br />that these contain preliminary amounts that could change significantly. The final <br />valuations are anticipated to be received at the end of November. <br />The following chart summarizes the history and projections of the City's property tax <br />revenue and total mill levies. <br />FINANCE COMMITTEE COMMUNICATION <br />0 <br />