City revises mill levy due to Dept. of Revenue error in taxable values; Cascade County will finalize budget this week
City Commissioners repealed a tax levy resolution on Tuesday to approve a new one with updated figures. The action was required due to a major error in the taxable values provided to Cascade County by the Montana Department of Revenue.
The revision doesn’t change the impact to homeowners, according to the city fiscal office.
The commission is required to set an annual tax levy by setting mills to generate property tax revenue to fund city operations. The city received its original taxable valuation from DOR on July 30 and a revised valuation on Aug. 6. Using those figures, the city computed its annual mill levy and commissioner set the mills on Aug. 21 for the fiscal year that runs July 1 through June 30, 2019.
On Aug. 31, Cascade County Commissioner Joe Briggs notified the city of the DOR error.
The Aug. 6 certified total taxable value was $111,473,256. The revised value received on Sept. 4 was $99,201,290.
The Sept. 4 figures from DOR show $781,414 for newly taxable property, a $91.446 increase from the first certification, indicating that the city’s tax base has expanded.
The increased taxable value means increased funding for the library, but the change in mill value means a decrease of $110,448 from the original certification for the library for this fiscal year, which was $137,637.
The library receives nine mills through an agreement with the city.
In August, Library Director Kathy Mora said the revenues may enable the library to hire the part-time position she requested in the budget, but didn’t get. Whether the library will be able to reopen on Mondays is still up in the air, Mora said, until they actually see revenues that will support the additional operating hours.
Cascade County Commissioners are scheduled to finalize their budget on Sept. 25.