ASPEN — Aspen Valley Hospital will forego a $1.2 million windfall in property tax revenue next year, its board of directors unanimously decided Monday The hospital district was in line to collect the additional money thanks to a 34 percent increase in property values before the bottom fell out of the Aspen and Pitkin County real estate market. Board members, however, quickly agreed the hospital should slightly reduce its mill levy for a year so as not to take in the additional revenue.The hospital will adjust its levy in order to take in about $3.5 million in property tax revenue, which is what it collected this year. Colorado statutes allow districts to use a temporary tax credit to lower their mill levies for one year, then have them return to the prior level.
By Janet Urquhart, Oct 13, 2009 Aspen Times

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