Weld reduced mill levy saved $278 million over 20 years

The reduction in the size of the mill levy imposed by Weld County has saved taxpayers $278 million over the past 20 years, according to a release from the county.

Under the Colorado Constitution, Weld County Government is authorized to impose a maximum mill levy of 22.457, but for the past 20 years, the county’s financial position has allowed it to impose a smaller mill levy.

For the past eight years, the levy has remained under 17 mills, according to the release.

Property owners will receive a letter drawing their attention to the savings when they receive their annual property tax notices, which will be mailed this month.

The savings adds up to about $5.65 per $1,000 of assessed value, according to Jennifer Finch, information specialist for Weld County. This means that a residential property worth $200,000 saves $90 per year.

When the Weld County charter was enacted in the 1970s, limits on the growth of county revenues were included in order to ensure that the commissioners only used resources needed to provide essential county government services, according to the county.

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Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

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