Cherry Hills Village's draft 2027 budget would set the City's property tax mill levy to zero for one year. City staff estimate the cut at about $3,800 for the average homeowner. Colorado bills property taxes in arrears, so a 2027 tax cut shows up on a bill paid in 2028.
The proposal is still a draft. Council holds a public hearing on November 17, and final action is set for December 14.
Why a 2027 cut appears on a 2028 bill
Colorado's Division of Property Taxation says property tax bills "reflect[] the taxes due for the preceding year" and are mailed "as soon after January 1 as possible." As a result, tax year 2027 is billed and paid in 2028.
The Oct. 20, 2026 budget packet puts the average homeowner's saving at about $3,800. For larger estates, it depends on each parcel's valuation.
How the City pays for a year without its levy
The holiday is a one-time draw on savings. The City is not cutting its spending or adding a new revenue source to pay for it. According to the draft, the reduction totals about $8.5 million: roughly $4 million from the General Fund, where the levy drops from 7.30 mills to zero, and about $4.5 million from the Parks Fund. The General Fund would transfer about $4.5 million to the Parks Fund to cover the Parks Fund's lost tax revenue. Staff will set the exact transfer after final tax values arrive in early December.
The draft projects the General Fund's ending balance as follows:
- December 31, 2025: $39.75 million
- December 31, 2026: $41.86 million
- December 31, 2027: $34.1 million, with $23 million unassigned
Staff write that projected revenues exceed expenditures through 2041. On that basis, they say the City can absorb the reduction "without creating an ongoing structural imbalance." Other revenue in the draft is growing modestly. Sales tax is budgeted $0.18 million higher for 2027, continuing the 4% growth seen so far in 2026, which staff attribute partly to easier sales tax filing through SUTS. Building and permit fees are budgeted up 4%.
The draft keeps the City's ability to restore the levy starting in 2028, and nothing in it suggests the holiday will repeat. As drafted, the holiday covers one tax year.
What stays on the bill
The City levy is one of several on a Cherry Hills Village property. Arapahoe County's mill levy information form for Tax Year 2025/Budget Year 2026 lists the City at 14.722 mills, which raised $7,602,645. The same county table lists these other levies:
| Taxing entity on the county table | Tax Year 2025 rate |
|---|---|
| Cherry Creek School District | 18.756 mills |
| Arapahoe County, general operating | 15.821 mills |
| Arapahoe County, developmental disability | 1.000 mill |
| South Metro Fire Rescue | 12.250 mills |
| South Suburban Parks and Recreation | 7.417 mills |
The specific taxing districts on a given bill depend on the parcel. The November 2026 Village Crier states that "property taxes levied by other taxing entities would not be affected."
The dates before anything is final
- November 17, 2026: Council holds the budget public hearing and first reading of the budget ordinance.
- Early December 2026: Final tax values arrive, and staff set the exact Parks Fund transfer.
- December 14, 2026: Council holds the second reading of the budget ordinance and considers related resolutions, with final action expected.
- December 15, 2026: This is the state deadline for local governments to certify mill levies, and budgets must be adopted before certification.
The City's budget figures above are draft estimates. The City says the exact revenue impact will be finalized once 2027 assessed values and collections are certified.
FAQ
Is the zero levy approved? Not yet. As of this post, it is part of the draft 2027 budget, with final action scheduled for December 14, 2026.
Which tax years do the 2027 and 2028 bills cover? The 2027 bill covers tax year 2026, which includes the City levy. Under the draft, the reduction applies to tax year 2027, which is billed in 2028.
Can residents comment? Yes. The Crier invites residents to attend Council meetings and take part in the public hearings. The proposed budget is posted in the Agenda Center at cherryhillsvillage.com.
If you're planning to sell a Cherry Hills Village home, or to sell one as executor or trustee, Wadsworth Property Group can coordinate with your closing team. Request a Free Home Valuation & Consultation.
