Huff Negotiates Tax Reduction for CPN Residents

By Jeff Huff  

Castle Pines North candidate for Mayor, Jeff Huff, secured a commitment from the board of directors of the Castle Pines North Metro District to implement a property tax reduction for 2010.  Huff presented his argument for lower taxes at the board meeting September 21.  “The board agreed to reduce the property tax for debt service by 8.3%,” announced Huff after the meeting.  “This is the right thing to do for taxpayers who are struggling under a heavy tax load combined with a weak economy, depressed housing prices and high unemployment.”

The property tax decrease to 22 mills from 24 mills will save taxpayers in CPN $313,526.00 in 2010.  “The tax reduction will decrease revenues to the District but the board should be able to make up for those lost revenues due to lower interest rate expenditures in 2010,” Huff explained.

“This is only the first step I will take in lowering costs for residents.  I will ask the board of the Master Association for a significant reduction in dues at the budget meeting next month.  If elected, I will also review city expenditures and make prudent cuts where necessary.  We need to make sure taxpayers are getting their money’s worth.”

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2 Responses to “Huff Negotiates Tax Reduction for CPN Residents”

  1. Andrew on September 23rd, 2009 1:07 pm

    What are the future TABOR implications of this? Will the Metro District be able to return the mill levy to 24 in the future if/when the interest cost goes up? I would hate for us to get stuck with rising interst costs and the inability to increase the mill levy when needed.

  2. Jeff Huff on September 23rd, 2009 7:11 pm

    Andrew: Theoretically, the District could raise the mills if needed without a taxpayer vote. However, the 2006 Series C bonds are variable rate bonds scheduled for payoff in 2013. Last year, due to the financial crisis in the fall, the amount that was required to be budgeted for interest was very high but the actual payments ended up being quite low. My estimates of debt repayment ability were quite conservative, so even with an interest rate increase, the District should be able to pay off debt through 2013 on schedule without raising taxes.

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