District taxes function in the same manner as other property taxes in Colorado with a mill levy applied to Assessed Value of property as determined by the County Assessor and collected by the County Treasurer. For residential property, that calculation is:
Actual Value x Assessment Ratio x Mill Levy = Annual Tax Obligation
For a $400,000 home in a District with a 50 mill levy using the 2020 Assessment Ratio for residential property, the tax bill for the District would be:
$400,000 x 7.15% x 0.050 =$1,430/year
The actual mill levy for a District is comprised of a debt service levy and an operations levy and would be determined based on the provisions of the Service Plan, the total valuation of taxable property in the District, the District’s debt obligations and the District’s operational needs. Most Service Plans contain mill levy limitations to ensure that taxpayers obligations are limited regardless of the debt obligations outstanding.