Metro Districts have the authority to collect property taxes from the residents residing within its boundaries, similar to a school district or a parks and recreation district. The tax revenue it collects from residents pays for ongoing operations and maintenance of the community’s commons areas and pays for the debt service (principal and interest) that helped fund all the initial public infrastructure that residents rely on every day.
In December 2021, the CAB Board of Directors voted to set the mill levy for The Aurora Highlands community at 78.486. To determine a homeowners’ tax contribution, the mill levy is multiplied by a percentage of a homeowners’ property value (which is dictated by the Adams County Assessor’s Office).
Here’s an example for a home valued at $500,000.
Home value x Colorado assessment rate (set by the state legislature)
$500,000 x 6.95% = $34,750 (this is the taxable value)
Taxable value x mill levy (77.93)
$34,750 x 0.07793 = $2,708 (annual taxes due)
A homeowner with a home valued at $500,000 would pay $2,708 annually in taxes to the CAB. That breaks down to about $225/month, which is how most people pay for property taxes – it’s collected via a mortgage payment and held in an escrow account.
The mill levy is capped at 77.93 – it will not go up. However, if a homeowner’s property value increases, that will affect the amount they pay.