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

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

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