Finance Committee Agenda and Packet 2021 09 27

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Cynthia Braddock PO Box 471, 13th and Pearl Boulder, Colorado 80306-0471 Phone: (303) 441-3530 FAX: (303) 441-4996 www. BoulderCountyAssessor.org August 24, 2021 City of Louisville Finance Director 749 Main St. Louisville, CO 80027 i�wi'09%"Fr \'10 INTERNATIONAL ASSOCIATION of ASSESSING OFFICERS Valuing the Warld This is to certify that, as of August 24th , per C.R.S. 39-5-128(1) the assessed value of the City of Louisville For the purpose of taxation for the year 2021 is: 775,368,866 Per C.R.S. 39-5-128(3), this figure represents the value remaining after the following Urban Renewal Area/Downtown Authority tax increments have been deducted from the total valuation for your district: BASE INCREMENT Louisville Highway 42 Urban Renewal Plan 48,150,638 24,848,093 This valuation is subject to change by the County Board of Equalization (C.R.S. 39-8-107(2)), the State Board of Assessment Appeals (C.R.S. 39-2-125), the State Board of Equalization (C.R.S. 39-9-103), and the correction of errors by the Assessor or Treasurer (C.R.S. 39-5-125.2). Due to the increase in values we have been seeing over the past few reappraisal cycles, the number of abatements filed by property owners is increasing. Please pay close attention to the amount of taxes listed on line 11 on the top portion of the Certification letter. House Bill 21-1312 increased the exemption threshold on personal property accounts from $7,900 to $50,000. This means all personal property accounts that had a value of $7,901 or more, and below $50,000 that were previously taxable are now exempt. The last line on this Certification of Valuation form reflects the assessed value amount your entity has lost as a result of this bill. Procedures have been established to reimburse entities to account for the lost property tax revenue. Senate Bill 21-130 also passed in the 2021 legislative session. This bill allows any county, municipality, or special district to exempt, from its levy and collection of property taxes, up to 100% of any personal property for the property tax year commencing on January 1, 2021. If your taxing entity anticipates exempting any value under this bill, we respectfully request that you notify our office no later than November 1, 2021. This will allow time to calculate the exemption and have the new values reflected on the December Certification of Valuation. Further information regarding House Bill 21-1312 and Senate Bill 21-130 and their impacts on your entity should be discussed with your attorney.