Taxes
Overview
The two main taxes used to fund the tax levy funds in the 2022 budget of $6.909 million for City Services are county sales tax and property tax. Anticipated sales tax in 2022 is $1,020,000 or 15% of the total revenue and levied property tax in 2022 of $1,747,476 or 25% of the total. Since January 1, 2020 the county sales tax increased to 1.75% and is split between the cities of Colby, Rexford, Gem, and Brewster and Thomas County. The City of Colby receives approximately 47% of the total revenue received from the 1.75% sales tax. The City of Colby also collects ¾ of 1% in City sales tax for payment on our new Event Center Bonds. The property tax rate is determined by dividing the total amount of dollars which must be collected by the assessed valuation of all taxable property in the City. One mill is equal to $1 of taxes per $1,000 of assessed valuation. Residential real estate is to be assessed at 11.5% of fair market value and commercial and industrial real estate at 25%.
Calculate the Value of Your City of Colby Tax Dollar
MARKET VALUE OF YOUR HOME: $100,000
To determine assessed valuation, multiply by 11.5%
$100,000 x 11.5% = $11,500
$11,500
To determine City tax liability, multiply assessed valuation by mill levy
$11,500 x 32.856/1000 = $377.84
CITY TAX LIABILITY: $377.84
To determine the monthly expense for City Services, divide City tax liability by 12 months
$377.84 / 12 = $31.49 per month
The following list represents a sampling of City Services provided for the $31.49 per month:
24-hour Police Protection
24-hour Fire Protection
Street Maintenance/Repair
Parks Maintenance – 170.9 acres
Aquatic Park
Tennis Courts
Event Center Operation/Maintenance
Recreation Programs
City Administration
Traffic Control & Marking
Public Parking Services
Municipal Improvements
Flood Plain Management
Legal Counsel
Public Library
Building Inspection
MIS Services
Animal Control Services
Community Service Supervisor
Drug Task Force Services
24-hour Dispatch Services for Police, Fire and Ambulance
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