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SUBJECT: 2022 YEAR-END EXPENDITURES AND 2024-2032 PROJECTIONS <br />DATE: OCTOBER 12, 2022 PAGE 2 OF 8 <br />The District's property tax revenue is derived from applying the overlapping mill levies to <br />the incremental assessed valuation. The District's incremental assessed valuation is <br />determined by subtracting its base assessed valuation from its gross assessed valuation. <br />Property Tax Increment <br />Financing in Colorado <br />(TIF) <br />of 25 Year TEF Area <br />Increase irr fuse Due to Courvy <br />Assessor's semi -Annual Reappralsal <br />Time <br />Tax Increment, <br />Paid to the <br />Urban Renewal <br />Authority <br />Tax Base, Pais) <br />to Taxing <br />Entities <br />Over the past five years, the District's gross assessed valuation has increased an average <br />of 9.4% per year. The District's base assessed valuation has increased an average of <br />5.3% per year. Since the gross assessed valuation is much larger than the base, this has <br />resulted in an average increase to the incremental assessed valuation of nearly 22.6% <br />per year. This growth in assessed valuation and the resulting growth in property tax <br />revenue are summarized in the following two charts. <br />Agenda Packet P. 10 <br />