Knezovich: City, county in a balancing act over taxes
“Throughout the years, the Colorado General Assembly has acted to backfill the revenue lost by the local school district. Given the current Larimer County mill levy of 22.321 mills and an estimated total tax levy of 90 mills, the Larimer County loss would be 25 percent of the $4.5 million increment. As TIFs have become a more common financing mechanism for local government, Larimer County government has protested the loudest because there is no General Assembly legislation to backfill their potential revenue loss. Prior to the creation of the Foothills Mall District, there existed nine TIF districts with Larimer County losing $3.6 million in 2012.
However, a balancing act is created. While a TIF is created within the district, overall county valuations are expected to exceed the TIF change due to economic development bringing the county net new tax revenue.”
Knezovich, John. The Coloradoan 21 May 2013.
john@kwcpallc.com