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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: SEPTEMBER 19, 2022 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />The City has received its preliminary 2022 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 2023. <br />The Assessor reported the City of Louisville's gross assessed valuation declined by <br />6.00%, from $796,492,841 in 2021, to $748,668,589 in 2022. <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, declined by <br />5.94%, from $771,895,652 in 2021, to $726,049,956 in 2022. <br />If the General Fund mill levy remains the same at 5.184 mills, General Fund property <br />tax revenue will decline by approximately the same percentage as the net assessed <br />valuation (5.94%), from $3,941,484 in 2022, to $3,707,385 in 2023. <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 decline by <br />approximately 5.94%, from $2,090,872 in 2022, to $1,966,688 in 2023. <br />Attached are copies of the notices from the Boulder County Assessor. Please remember <br />that these contain preliminary amounts. The final valuations are anticipated to be <br />received at the end of November. <br />The Boulder County Assessor and staff have agreed to attend the meeting to answer any <br />questions from the Committee. <br />FINANCE COMMITTEE COMMUNICATION <br />