Property Tax Credit Coming!
Monday, December 14, 2009
Looks like Steamboat Springs residents will be receiving some relief on their taxes next year by way of a property tax credit from the school district. The Steamboat Springs real estate market continues to be an interesting one, especially with this news. As it turns out, the School Board over-collected property taxes in the 2007/08 and 2008/09 periods. The over-collection came to a total amount of $4,197,458 and now it’s time to give it back.
The tax credit will be handed over to taxpayers who reside within the boundaries of the Steamboat Springs School District. The method by which the credits will come is through a credit on the future mill levy. Next year’s mill levy credit will equal 4.104 mills which equates to a reduction of $32.67 in property tax for every $100,000 in assessed value for residentialSteamboat springs homes. For non-residential property, the credit will equate to $119.02 savings for every $100,000 in assessed value.
The over-collection of property tax occurred as a result of statewide waiver elections that allowed individual school districts to retain and expend all revenue collected from any source. This was in opposition to the limitations set forth by TABOR (Taxpayers Bill of Rights). A recent decision handed down from the Colorado Supreme Court upheld the legality of the 2007 state Senate bill allowing school districts to collect revenues that exceed limitations set forth by TABOR. But because Steamboat voted on a variance to this bill, which contained more limited language as to how our school district could retain revenues, we weren’t exempt from the TABOR limit.
At next Monday’s school board meeting, the Steamboat Springs District Finance Director is expected to recommend the board to certify the 2009 levy of 11.55 mills, down from last year’s rate of 21.922 mills.