Summary of Revenues

The primary source of revenue for Elbert County is generated from the levying of property taxes. Property taxes are calculated based on the classifications and established property values of the parcels within the County.

Property rates are expressed in "mills" with one mill representing 1/1000th of a dollar. The equation for calculating property tax (Assessed Value x Mill Levy / 1,000) results in $1.00 of tax for every $1,000 of assessed valuation.

The property tax levied by Elbert County in 2023 is 28.033 mills, which is summarized in the table below:

In 2023 property taxes represent about 38% of total estimated revenue collected by the County. The County's mill levy is allocated to support administration, programs, and services within the General Fund, the Road and Bridge Fund, the Human Services, and the Retirement Fund.

The County has had a steady increase in property tax revenue due to a combination of population growth within the County and increases in assessed property values over the past several years. This trend ends in 2023 as a statutory decrease in assessment rates takes effect. This results in property tax revenue estimated at $13,884,522 in 2023 across all funds (an increase of only ~$44,000 or 0.3% over 2022). Property tax revenue, though a major part of total county-wide revenues, has become very difficult to project over time. These revenues are heavily dependent on both property values (which can can rise and fall rapidly as has been experienced in the 2008-2012 "housing bubble" and "great recession", and assessment rates (which with the elimination of the "Gallagher Amendment" from the State Constitution can be adjusted annually by the state legislature and are subject to both economic and political pressures).

Elbert County collects a 1% Sales & Use tax on applicable sales and purchases within the County. This tax was approved by a vote of the citizens of Elbert County to be used for Public Works capital projects. Sales tax are collected by merchants (physical and online) on retail purchases of goods to consumers, paid to the state department of revenue, then distributed monthly to the County. Use tax is paid by the receiver of goods within the county that are purchased elsewhere and delivered to the location where they are used (commonly associated with building materials delivered to construction sites). It too, it collected by the state department of revenue and then distributed to the County. This tax is anticipated to generate $3,891,237 in 2023.

In previous years, Elbert County collected a special assessment levied against properties in the Chaparral Valley 2 subdivision Local Improvement District for the purpose of repaying an advance from the Road and Bridge Fund, which was used to retire the district's special assessment bonds early. This debt has now been discharged and reporting on this fund ended in 2022.

The County generates revenue from the issuance of licenses and permits. Building permits are the most significant source of revenue in this category. With the rise in home mortgage rates and subsequent slowdown in construction, the County is anticipating a 25% percent reduction in this revenue in 2023 (Down from $1.32 million in 2022 to a projection of $1.1 million in 2023).

Intergovernmental revenue represents revenue received from another governmental entity. The County's most significant sources of intergovernmental revenue are cost reimbursements received from the State of Colorado for the provision of Human Services ($6.3 million) for 2023 and distribution from the state's Highway Users Trust Fund (HTUF) for use by Road & Bridge of ($2.9 million) in the coming year.

Charges for services include revenue generated from County services provided to residents by various County departments. Significant sources of revenue in this category include treasurer's fees (a statutory fee charged by the treasurer for the collection and disbursement of property taxes for other local governments and districts within the County), Clerk's Fees (various fees assigned by the state related to motor vehicle registrations and recording), and ticket revenues from traffic violations.

Net investment income includes the interest revenue earned on the County's investment and operating accounts.

Sources of revenue that do not fit within one of the other categories indentified above are considered miscellaneous income.

Elbert County is financially responsible for Foxwood Estates and Foxwood Ranches Public Improvement District (Foxwood Estates) ($28,607), and Sun Country Meadows Public Improvement District (Sun Country Meadows) ($224,352).