CHV to waive municipal property taxes in 2027
Cherry Hills Village plans a one-year municipal property-tax holiday in 2027 after staff said a strong fund balance can support one-time relief.
Freda Miklin ·
At its annual retreat on March 3, the Cherry Hills Village City Council reviewed its long-range financial forecast and noted that the projected General Fund balance was well above the City’s adopted Fund Balance and Reserve Policy. Given that strong financial position, Council asked staff to evaluate ways to use a portion of the excess funds to provide one-time taxpayer relief beginning in 2027.
After reviewing options, including a one-time rebate, staff recommended a temporary property tax holiday as the most equitable way to deliver meaningful taxpayer relief. The recommendation followed a comprehensive review of projected revenues, operating expenses, capital improvements, and parks projects through 2045.
CHV’s property tax, its largest revenue source, is 14.722 mills, split roughly evenly between the General Fund and Parks Fund. It accounts for about 15% of residents’ total tax levies. CHV has approximately 2,000 single-family homes, with 2027 property taxes expected to average $26,000 per home, including about $3,800 paid to the City.
Even with the planned tax holiday, projections show CHV maintaining a strong unassigned fund balance of $11 million to $31 million through 2045. That exceeds the City’s adopted fund balance and emergency reserve thresholds and, according to staff, “indicates strong fiscal capacity over the planning horizon.” Staff also noted that the current long-range forecast shows CHV’s revenues exceeding expenditures until 2041.
At the August 4 City Council meeting, staff told the council that a temporary reduction of the City’s property tax rate from 14.722 mills to 0 mills in 2027 would save CHV homeowners about $8.4 million. Under Colorado law, staff said the reduction could be made without changing the City’s underlying voter-approved regular mill levy, which would resume in 2028.
It was also noted, in limited, unscheduled public testimony, that TABOR limits make it impractical for CHV to simply lower its mill levy for an indefinite period. If the City did so, it would need voter approval to restore the levy to its standard level, which was another reason Council chose a temporary tax holiday.
Print source: The Villager, Vol. 44 No. 40, Aug. 27, 2026, page 6. A print chart on the same page showed CHV’s total projected ending General Fund balance and the unrestricted portion of that balance through 2045.