The recent article written by Tom Skelley addressing County Assessor Lisa Frizell's downside warning of property tax assessment rates, doesn't add up when you look at the numbers.
The article states due to the 1982 Gallagher Amendment, the assessment rate released April 17, sets the assessment rate for 2017-18 at 7.2 percent vs. the previous rate of 7.96 Percent. That is an assessed reduction of $2,660 on a $350,000 home, or 9.55 percent in reduced assessed value. However, at the same time the article shows home values in Douglas County increasing at a 10.94 percent rate for March of this year over 2016 values. So the 10.94 percent increase in value of homes is 1.39 percent more than the reduced assessed value reduction of 9.55 percent. Therefore, greater property tax income for the city, county, and state. I would also like to point out that my own property was assessed 19.4 percent greater in value from 2014 to 2015 and my actual property tax increased by 21.82 percent.
The article also states that the Gallagher Amendment provides that the amount of revenue collected from residential property taxes must always be lower than the amount from nonresidential property taxes at an approximate ratio of 45 percent to 55 percent. So that means Douglas County, the Town of Castle Rock, etc., have dug themselves a hole by not developing commercial property and instead supported and promoted residential growth to the point they are being restrained by lower property tax income that provides revenue to fund schools and other government services.
We do not need higher property tax mill levies, what we need is city and county officials to manage the growth of our county and cities.