Breckenridge property tax revenue projected to increase by 19% in 2020
BRECKENRIDGE — It’s no secret that homes are getting more expensive in Breckenridge, but just how much more expensive is apparent in the projected 2020 property tax revenue for the town.
Despite a fixed property tax set at 5.07 mills, Breckenridge Revenue Services manager Heather Pezzella reported that for the 2020 budget year, the town of Breckenridge is forecasting a total of $3.47 million in property tax revenue for the town.
That’s up nearly 19% from the 2019 amount of $2.92 million.
While the town cannot raise the mill levy without voter approval, this increase in budget is the result of it being an assessment year and increased property valuation assessments.
“We’re not proposing to raise the mill levy,” town attorney Tim Berry told Breckenridge Town Council on Tuesday. “Property tax payments include two factors: the mill levy and assessed valuation.”
Pezzella said initial valuations have gone up but they are still waiting on the final valuation. Berry added that assessed value of Breckenridge properties is not the actual value; it’s a percentage of the value.
“This is an assessment year, so there is a more significant change due to the county assessor’s (biennial) assessment process being complete,” Pezzella wrote in her memo to Town Council.
Town Council pushed forward the annual ordinance to certify the mill levy.
Funds generated from the property tax go into the town’s general fund.
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