Taxes

Overview

The two main taxes used to fund the tax levy funds in the 2024 budget of $8.413 million for City Services are county sales tax and property tax.  Anticipated sales tax in 2024 is $1,227,000 or 15% of the total revenue and levied property tax in 2024 of $2,008,416 or 24% 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 68% 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

  1. MARKET VALUE OF YOUR HOME:  $100,000

 

To determine assessed valuation, multiply by 11.5%

 

$100,000 x 11.5% = $11,500

 

  1. ASSESSED VALUATION:

$11,500

 

To determine City tax liability, multiply assessed valuation by mill levy

 

$11,500 x 33.526/1000 = $385.55

 

  1. CITY TAX LIABILITY: $385.55

 

To determine the monthly expense for City Services, divide City tax liability by 12 months

 

$385.55 / 12 = $32.13 per month

 

The following list represents a sampling of City Services provided for the $32.13 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