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  February 7, 2021
GID Property Tax Set - Lower Than Estimated (continued)
            

Translated into dollars, the increased property tax for each WC 1 & 2 residence will be in the range of $16-$28/month, with the average being somewhere around $21/month.  Had the mill levy been set at 8+ mills, this range would have been around $3-$5/month higher.  The prediction of experts that interest rates would remain lower than 5% proved accurate, resulting in this lower monthly average. 


Of course, this amount will vary from home to home because it’s based on each home’s individual appraised/assessed value.  To calculate your own estimate, multiply .00675 times your home’s assessed value (not the appraised value) on your latest Real Property Tax Statement, and then divide that product by 12 to determine the equivalent of your monthly GID property tax for 2021. If you can’t locate your statement, google Arapahoe County Assessor, and then choose Residential, Commercial, Ag and Vacant Land Property Search.  Once on that page, enter just your house number and street name where indicated. The webpage then brought up will have much information about your home, including its assessed value.


In the future, the GID will recalculate the mill levy each December to maintain the fixed revenue needed.  This amount of property tax revenue needed to service the bonds and interest will remain relatively constant, given that the interest is set for the life of the bonds, and no additional bonds were authorized in the election.  However, as future property assessments go up or down, the mill levy will fluctuate to prevent the collection of either excess or inadequate property tax revenue.


From a construction standpoint, Alfred Benesch & Co. is nearing completion of the field work and beginning to advance the fence/wall design and engineering.  Completion of the design and engineering is expected in late spring, which will then be followed by procurement of a construction contractor and construction of the fence/wall in the second half of 2021.


As always, please contact Dave Jackson (WC2) at djackso9@aol.com if you have questions.