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The Council may levy general ad valorem property taxes for municipal purposes. However, such levy shall be computed so as to prohibit the collection of a greater amount of property tax revenue than was collected in the preceding year plus seven (7) percent except to provide for the payment of bonds and interest thereon. In computing the seven (7) percent limit, the increased valuation for assessment attributable to annexation or inclusion of additional land and the improvements thereon within the taxing district for the preceding year or attributable to new construction within the taxing district for the preceding year shall be excluded. The Town Council may increase this seven (7) percent limit if approved by a majority of the electors voting at a regular or special election.

The Town Council may also levy and collect, without limitation, special assessments for local improvements as provided in this Charter. However, no tax shall hereinafter be levied until such tax has been approved by a majority of the qualified electors voting in an election that is compliant with the requirements and limitations under the Colorado Constitution. (Amended 4/3/79; 11/4/08)