News
A closer look at Springs property tax ballot issue
Posted: Sep 8, 2009 7:04 AM by Jeannette Hynes
Updated: Sep 8, 2009 7:04 AM
In November, voters in Colorado Springs will decide whether or not they want their property taxes to go up 10 mills over the next five years.
Here's how it would affect an average property owner assuming the average price for a home in Colorado Springs at $236,000:
- 2010: Property taxes will go up six mills = $126 increase in tax bill.
- 2011-2014: Property taxes will go up one mill each year = $21 increase in tax bill.
- Total property tax increase from current bill: $210.
Also part of the ballot proposal: to eliminate the Business personal property tax to try to offset the cost of the property tax increase on area businesses.
The city of Colorado Springs estimates it would add $27.6 million in revenue in 2010, and $46 million by 2014. The city is facing a nearly $26 million shortfall in the 2010 budget. Proposed cuts include closing city pools, community centers, senior center, Rock Ledge Ranch, and the Pioneer's Museum. Also part of the propsed cuts are cutting from police and fire departments, and eliminating thousands of hours of transit service.
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