Valuation decline reduces NRD tax request amount by $106,442
When a governmental entity is already taxing at its levy limit and the valuation goes down, there’s only one way for their tax asking to go — down. That’s what happened to the Upper Republican Natural Resources District this year.
The NRD was one of the few taxing entities that reduced their tax asking for 2019-20 budget year. However, they really didn’t have any choice.
The NRD taxed at their levy limit of 5.5 cents last year and stayed there again this year. So with declining valuation across the district, their tax asking had to decrease accordingly.
The valuation of the district dropped $193.5 million for the 2019-20 tax year.
Last year, the valuation stood at $3.665 billion. With valuations declining in the NRD’s three counties, this year’s valuation stands at $3.471 billion, or a decrease of 5.28%.
As a result, the NRD’s tax request also decreased 5.28% from $2,015,601 in 2018-19 to $1,909,158 this year, a decrease of $106,442.
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