Finance
The Finance Department is responsible for the financial activities of the Town.
Responsibilities include:
- Accounts Payable
- Bank reconciliations
- Maintaining the general ledger
- Payroll processing
- Accounts Receivable
- Overseeing the annual audit - performed by an independent certified public accountant
- Preparing / monitoring the annual budget
- Financial reporting and forecasting
- Tracking fixed assets
- Administering state collected sales tax
- Managing debt issuances
- Managing investment portfolio
- Establishing sound financial policies
TAXES
Property
Property taxes are a significant source of revenue for the Town of Lochbuie due to its limited retail base. The following formula is used to calculate the amount of property tax due:
Actual Value X Assessment Rate X Mill Levy
Assessment Rates: Residential = 6.7% / Commercial = 27.9%
The current mill levies for the Town of Lochbuie are:
General Operating – 2.802 mills Temporary Reduction (General Operating = 4.300)
Debt Service – 3.477 mills
2024 Total – 6.279 mills
Example: If you own a home with an actual value of $300,000, your Town of Lochbuie property tax for 2023 would be calculated as follows:
$400,000 x 6.7% = 26,800 X 6.270 mills / 1000 = $168.28
Mill levies are set each year by the taxing authorities that benefit from the taxes.
- Property tax valuations and assessments are processed by the County Assessor. For more information on this process, please visit the Weld County Assessor / Adams County Assessor.
- You may view / pay your tax bill by visiting the Weld County / Adams County Treasurer Weld County / Adams County Assessor.
Sales Tax
Sales taxes are the main revenue source for most Colorado municipalities including the Town of Lochbuie.
- Town of Lochbuie – 4.0%
- State of Colorado – 2.9%
Sales Tax Collection
The tax is levied on retail purchasers of goods and services and collected by the merchant from the customer at the time of sale. The retailers then remit the tax collected on behalf of the local jurisdiction to the Colorado Department of Revenue. As a statutory municipality, sales taxes for the Town of Lochbuie are collected by the State of Colorado.
Please contact the Colorado Department of Revenue for more information.
You may also contact them via phone:
- Denver Office: 303-238-7378
- Greeley Office: 970-352-1121
Use Tax
Municipalities often levy a use tax as a compliment to their sales tax. A use tax is owed by a consumer who purchases taxable goods in another jurisdiction without paying a sales tax and then stores, uses, or consumes the item in the use tax jurisdiction. The use tax is described as a “equalizing tax” for the benefit of local businesses that are required to collect sales tax. The use tax is intended to remove the customer’s incentive to shop outside the town to avoid the local sales tax. The Town of Lochbuie levies use tax on motor vehicles and building materials.
- Town of Lochbuie - 2.0%
- These taxes are calculated and paid when a building permit is issued or a car is purchased.
