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Property Taxes In November 2001, Louisville voters approved a ballot issue exempting property taxes from the TABOR restriction, as well as the statutory (5.5%) restriction. The 2009 net assessed valuation of property in Louisville is $446,696,120, an increase of 4.7% over the 2008 net assessed valuation. This assessed valuation, along with the general operating mill levy of 5.184, should generate approximately $2.275 million in general operating property tax revenue for 2010. In November 2003, the voters approved a ballot question authorizing the City to issue debt for the construction of a new library facility. Included in this ballot issue was the authorization for an increase in the property tax mill levy up to 1.581 mills to pay the debt service on the bond issue. The 2010 debt service requirement for the library bond is approximately $522,000. The assessed valuation, along with the bonded indebtedness mill levy, should generate approximately $670,000. Any excess reserves in the Debt Service Fund will be used to make future additional principal payments towards the debt. The following chart contains a history and future estimates of City-Wide property tax revenue. The large increase for 2015 is due to projections on increases in assessed valuation from the ConocoPhillips development. Please be advised that these are very preliminary projections and are likely to change substantially over the next few months as staff reviews the fiscal impact analysis. ïî