Taxes
Overview
The two main taxes used to fund the 2018 budget of $12.406 million for City services are county sales tax and property tax. Anticipated sales tax in 2018 is $920,000 or 16% of the total revenue and levied property tax in 2018 is $1,563,883 or 28% of the total. County sales tax of 1.50% 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 1.50% sales tax. The City of Colby also collects 3/4 of 1% in City sales tax for payment on our Fire Station and Aquatic Park Bonds. The property tax rate is determined by dividing the total amount of dollars which must be collected by the total 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
1. MARKET VALUE OF YOUR HOME: $100,000.00
To determine assessed valuation, multiply by 11.5%
$174,000 x 11.5% = $20,000.00
2. ASSESSED VALUATION:
$20,000.00
To determine City tax liability, multiply assessed valuation by mill levy
$20,000 x 30.029/1000 = $640.58
3. CITY TAX LIABILITY: $640.58
To determine the monthly expense for City services, divide City tax liability by 12 months
$640.58 / 12 = $53.88 per month
The following list represents a sampling of the City's services provided for the $53.38 per month:
24-hour Police Protection
24-hour Fire Protection
Street Maintenance/Repair
Parks Maintenance - 147.9 acres
Aquatic Park
Tennis Courts
Community Building Operation and 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