The Cherry Creek School District Board of Education approved a mill levy rate for the 2013-14 fiscal year during its regular meeting Dec. 9.
Cherry Creek Chief Financial Officer Guy Bellville presented information to the board regarding changes to the district’s mill rate and assessed valuation. Bellville pointed out that 2013 is a reassessment year, and the next reassessment year will be in 2015.
The total mill levy for the 2013-14 fiscal year is 57.492 and the total property tax levy will bring in an anticipated $254 million. That’s compared to a total mill levy of 58.037 last year that resulted in a total property tax levy of $248 million for the 2012-13 fiscal year.
“The tax rate is actually declining,” Bellville said, before adding that the amount of taxes will increase because of bumps in valuation.
Bellville said a property valued at $305,901 saw a property tax of $1,413 in 2012-13, compared to $1,400 this year.
According to data from 18 months ago, the taxable assessed valuation in the district is about $4.422 billion. That’s compared to a total of $4.288 billion in 2012. The total is rising to the level of total value in the district in 2007, which was about $4.45 billion.
Cherry Creek School Board Member Dave Willman also announced during the meeting that the district sold $31,215,000 worth of general obligation debt to J.P. Morgan Securities last week.
According to district officials, the sale of that debt will result in a savings of $4.2 million in reduced taxes during the next 10 years.
The next board meeting is slated for 7 p.m. on Jan. 13 at Dry Creek Elementary School, 7686 E. Hinsdale Ave. in Centennial.
Reach reporter Adam Goldstein at 720-449-9707 or [email protected]