Durango City Council on Tuesday certified the city’s mill levy for 2024, which is projected to generate nearly $3.4 million in property tax revenue.

The mill rate remains unchanged, but Durango Chief Financial Officer Devon Schmidt said the assessed valuation for the new year is $675,149,880, nearly $78 million above last year’s value of $596,180,213.

Schmidt said that figure comes from the La Plata County Assessor’s Office’s assessed valuation. The assessment includes about $4 million tied to new construction and $768,000 from city annexations last year.

She said the mill levy rate of 5.007 is projected to generate approximately $3,380,475 for the city of Durango through 2024. Last year, the mill levy was certified based on revenue projections of $2,985,074.

The city’s mill levy is an assessed property tax rate that funds the city’s general operating expenses. It is levied at 5.007 mills per dollar for assessment of all taxable property within the city, according to a 2021 city resolution that set the mill levy so far upheld annually.

Schmidt said establishing the mill levy is part of the city’s annual budget process and is typically due Dec. 15. But thanks to a property tax relief bill (Senate Bill 23B-001) passed by the Colorado Legislature last year, counties and municipalities were allotted more time to pass property tax certifications.

The city had until Wednesday to certify its mill levy with La Plata County, she said.

The mill levy rate remains the same as in previous years. In order to change the rate, the city of Durango would need voter approval through a ballot measure.

cburney@durangoherald.com