Saturday, June 2, 2007

Denver to ask voters to raise property taxes? It looks like Denver residents will get a chance to take the city further in debt and raise property taxes on themselves to pay it off, according to the Rocky Mountain News. From the article: First, voters would be asked to approve a property tax hike of 2.5 mills, generating about $27 million annually and costing the average homeowner $50 more a year. The city spends $31.4 million annually on capital maintenance. A previous task force that also studied the city's infrastructure needs determined that Denver needs to spend $56.3 million a year to keep its assets in decent shape. "That's what the 2.5 mills is designed to address," said Chris Henderson, the city's chief operating officer. "You're raising property taxes to fund annual maintenance to make sure there isn't further deterioration." Second, the city would ask voters to approve issuing $340 million in bonds for deferred maintenance and other critical needs. Issuing those bonds would allow the city to juggle debt without increasing the property tax rate. Both recommendations may appear on the November ballot. Category: Denver November 2007 Election 9:49:44 AM

© Copyright 2007 John Orr. Last update: 7/11/07; 7:14:19 PM.