My home’s value has increased, and I’m expecting a big increase to my property tax bill. Won’t the Town get some of that money to help meet its needs?

Colorado voters in 2020 repealed the Gallagher Amendment, which set residential and nonresidential property tax assessment rates in the State Constitution. Now, the State’s General Assembly sets the rates.

The residential assessment percentage for 2021 is 7.15%. At that rate, the owner of a median-valued home in Castle Rock ($449,947.50) pays $38.48 in Town property tax.

The General Assembly has temporarily lowered the assessment percentage for 2022 and 2023 to 6.8%. 2022 is not a reassessment year, so if the Town’s mill levy rate remains at its current 1.196, the owner of a home valued at $449,947.50 would instead pay the Town $36.59 in property tax next year. The Town’s mill levy rate could decline, however, due to this year’s reassessment and a provision in the Town Charter that restricts annual growth in the Town’s property tax revenue to 5.5%. In that instance, the homeowner in the example would pay the Town even less than $36.59 in property tax in 2022. The Town expects in 2021 to bring in only $1.4 million in property tax revenue.

Show All Answers

1. How do CRPD’s staffing levels compare to police departments in neighboring communities?
2. Is a new fire station planned in Castle Rock?
3. How much would the new housing construction tax add to the cost of the average home in Castle Rock?
4. How do recent home sales prices in Castle Rock compare to that of other Front Range communities?
5. CRPD has requested 34 more staff and CRFD 41, for 75 positions total. The new housing tax is estimated to generate $13.9 million annually. Does that mean these employees would each be paid $185,000?
6. Doesn’t growth – new homes and new commercial developments, like the Promenade – generate enough sales tax to pay for the firefighters and police officers the Town needs?
7. Why is the Town requesting a 10-year “TABOR timeout?”
8. What would the effective date be for the ballot measures if they are passed?
9. Has the Town worked to cut its costs prior to requesting additional revenues?
10. My home’s value has increased, and I’m expecting a big increase to my property tax bill. Won’t the Town get some of that money to help meet its needs?
11. How does the Town’s sales tax compare to that of neighboring communities?
12. I understand the Town receives a nominal portion of my property tax, but I think I pay enough overall. If the Town needs more revenue, can’t it negotiate with other local tax recipients for some?
13. Don't the police and fire departments benefit from the impact fees the Town charges on every new house built?
14. Would a sales tax increase disadvantage Castle Rock businesses by driving people to instead make online purchases?
15. Can the Town use the $5.7 million it has received in federal American Rescue Plan Act funds to address the needs proposed for funding by the ballot items?
16. Does the Town spend all the revenue it brings in each year? If not, why can’t prior years’ savings be used to fund the needed fire and police positions?
17. Why did the Town give business grants during 2020 if it has financial needs?
18. I heard the Town can’t ask for a 10-year TABOR timeout – that five years is the maximum timeout allowed. Is that true?