Rico Infrastructure Priorities Survey
Rico Infrastructure Survey
The Rico Board of Trustees has identified a number of infrastructure needs in Rico. The following is a survey that is designed to help the Town prioritize infrastructure projects and evaluate the willingness of the community incur taxes to spend tax dollars on infrastructure, including capital projects and basic operations and maintenance. Please read the following carefully. It will help you answer the survey questions.
Important Terms
1. Appraised value: An appraised value is an evaluation of a property’s value based on a given point in time. The evaluation is performed by a professional appraiser during the mortgage origination process. The appraiser is usually chosen by the lender, but the appraisal is paid for by the borrower.
2. Actual Value: This is the Dolores County Assessor’s determination of the value of your property. The Assessor’s office primarily uses the market approach to assigning values, which means they look at the recent sales of comparable properties in your area and determine the value of your property based on an analysis of those sales. The Assessor’s determination of actual value and the value that an appraiser may assign to your property do not always concur. The assessor’s actual value is generally lower than the appraised value. It is important to look at your property’s actual value according to the assessor. That information is available at http://162.221.202.11/mapguide/dolores/index.php. Please see instructions below when calculating your potential property tax increase.
3. Assessed Value: The assessed value of residences in Colorado is 7.15% of Actual Value. The assessed value of commercial properties and vacant land is 29%. Whether or not a property is commercial, vacant or residential is determined by the Dolores County Assessor not by Town of Rico Zoning regulations.
4. Mill Levy: A mill levy is property tax that is based on a property’s Assessed Value. One mill is equal to $1.00 of tax per each $1,000 of Assessed Value. To figure out exactly how much your individual property taxes would increase in each scenario in the survey, go to http://162.221.202.11/mapguide/dolores/index.php, find your property by either name or address then look to the left of the page for your Assessed Value. Once you have found your Assessed Value multiply that number by the number of mills listed in each question and divide by 1000. For example, if the assessed value of your home is $15,942, you would multiply $15,942 by 12.8 and divide by 1000. You would pay an additional $204.06 per year to fund a new town shop.
Tables with estimated tax increases
Notes:
1. A mill levy increase by the Town does not increase taxes levied by other entities such as the Dolores County School District. The current Town portion of your property tax bill represents 25.37% of your total tax bill.
2. Grant funding from the Department of Local Affairs may be available for the capital improvements but not for routine maintenance.
3. Cost estimates for improvements are rough. Final engineering and construction bids would be required for more accurate numbers.
4. In addition to the 18.744 (total) mill levies that are specific to the Town of Rico there are also other taxing entities to which the Town property owners are subject. They are the following:
Dolores County General Fund 16.817
County Road & Bridge 4.0
County Social Services 1.85
County Contingency 0.6
Dolores County Library 1.0
Operation of Life 3.6
Dolores County School District 18.639
Southwest Water Conservancy 0.403
Rico Fire Department 7.468
SMART (Rico shuttle) 0.75