Larimer County sets mill levy and authorizes $5.5 million in tax credits

The Board of Larimer County Commissioners has certified the 2024 property tax mill levy and approved a $5.5 million temporary mill levy credit, marking a significant move to provide financial relief to county residents. This decision was made at the board's meeting on January 10.

Reflecting on that decision, Chair of the Larimer Board of County Commissioners, John Kefalas, stated, "The approval of this mill levy credit is a result of careful financial planning and a deep understanding of our community's needs. We offer this $5.5M property tax relief to our residents to help with their tax bills and as an expression of our dedication to responsible and responsive governance."

Approval of this mill levy credit provides tax relief on top of the assessed value reductions passed by the Colorado State Assembly during the November Special Session following the failure of Proposition HH. 

In addition to the mill levy credit, the board has strategically allotted funds for critical community initiatives, maintaining services, natural disaster contingency, housing, and addressing air quality impacts.

Commissioner Jody Shadduck-McNally elaborated on the Board's multifaceted approach to community support: "Our approval of this tax credit demonstrates our commitment to providing financial relief to the residents of Larimer County. This action and our ongoing investments in disaster preparedness and community health underscores our comprehensive approach to serving our community. It also reflects our fundamental responsibility as good and effective stewards of public funds, ensuring that every decision we make is in the best interest of those we serve."

The 25% increase in total assessed values would have yielded approximately $37 million in extra revenue, the Larimer County Commissioners allocated funding carefully considering the county's present and future needs. It is important to clarify that the increase in valuation encompasses new construction and oil and gas properties and does not imply a 25% increase in an individual’s property tax bill.  Below is a detailed breakdown that illustrates how these additional funds are being distributed across a range of services:

• Maintaining Existing Services: $15 million allocated for essential public safety and addressing inflationary costs.
• State Mandates: $4.2 million primarily dedicated to public safety-related expenses mandated by the state legislature.
• New Services: $0.3 million for critical initiatives such as housing affordability.
• Disaster Savings: $9.5 million aimed at boosting the contingency fund that would be used for immediate response to disasters such as the Cameron Peak Fire.
• Property Tax Credit: $5.5 million, which is reflected in the mill levy credit.
• Remaining Funds: $2.5 million reserved for addressing future community needs, including the impacts of the oil and gas industry.

Commissioner Kristin Stephens spoke about the broader strategic impact of these financial decisions. She emphasized the significance of allocating $15 million towards maintaining existing services, especially in light of rising inflationary pressures, “This crucial funding ensures the continuous delivery of high-quality public services, such as law enforcement and emergency response. Balancing these vital expenditures with initiatives that provide direct relief to residents, such as the property tax credit, demonstrates the board's unwavering commitment to fiscal responsibility and the well-being of the Larimer County community.”

Under State Law, the Board of Larimer County Commissioners may temporarily reduce the mill levy each year to reduce the tax burden on property owners. The 2024 Larimer County Budget is a foundational document in guiding critical fiscal decisions, adhering to state statutes, accepted budgeting principles, and the priorities of the Larimer County Commissioners.