8b - Public Hearing - 2024 Tax Levy2024 Property Tax Levy
2023 Assessed Value
.2.kveriapping Property -F3
2023 Overlapping Property Tax Rates
FW Schod District Washingbm State Fire District 939 Krrxg Cowty City Others*
33% 24% 16% 11% 7% 8%
fir : .;..-0 da R7Z •i J::H®
IT] 93 B 19 MA i SW I VNIM &I 1 1) Q 94 M �rl A
THIS NUM IS LE \LTENDEA
FOR ALL DEBTS, Pus : AND PRIVATE
F 5952194! P
G ��WA
F `59 i2194!
WA EIINGTON,D.i
MrT
CY& X% 20% 300A 40% 50% 61% 70% 9MA I=
*Others: library 3%, Emergency Medical Services 2%, Sound Transit2%, KC Flood Zone 1%, Port of Seattle 1%
Process
1. City estimates budget need
2. County Assessor calculates values
3. Tax is allocated to properties
4. Requests up to 1 %increase*
Process
Assessor -provided data
• Assessed Value � 4%
• 1 %increase $1179479
• Newconstruction $131,940
• Statutory Max $30,6 M
• Max Levy $12,0 M
• New Tax Rate $0,72
vasn-ington
State
F
Citv
estimates
hLidnet
nee
•l •I:
$
Assessed Value
$
100,000
$
200,000
$
300,000
$
400,000 $
of Total
10%
20%
30%
40%
Levy Rate per $1, 000
$
1.000
$
1.000
$
1.000
$
1.000 $
Tax Paid
$
100
$
200
$
300
$
400 $
J
111000
1,000,000
100%
1.000
1.1000
ISh-Inaton State Pronartv iip
Levy
$
1,000
Assessed Value
$ 100,000
$ 200,000
$ 300,000
$ 400,000
$
1,000,000
% of Total
10%
20%
30%
40%
100%
Levy Rate per $1,000
$ 1.000
$ 1.000
$ 1.000
$ 1.000
$
1.000
Tax Paid
$ 100
$ 200
$ 300
$ 400
$
1,000
Levy
*i,
�i � n �,n 1 � 11 � �*H§
$ 1,010
Assessed Value
$
96,000
$
192,000
$
288,000
$
384,000
$ 960,000
% of Total
10%
20%
30%
40%
100%
Levy Rate per $1,000
$
1.052
$
1.052
$
1.052
$
1.052
$ 1.052
Tax Paid
$
101
$
202
$
303
$
404
$ 1,0101
$18,000,000,000
$16,000,000,000
$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,000,000
$6,000,000,000
$4,000,000,000
$2,000,000,000
$0
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
Assessed Value
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2014 2015 2016 2017
Tax Levy
2018 2019 2020 2021
2022 2023 2024
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
Tax Levy
I � Aj ,
2014 2015 2016 2018 2019 2020 2021 2022 2023 2024
Tax Rate
2014 2015 2016 2017 2018 2020 2021 2022 2023 2024
Lid Available
$18,620,147
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Seattle -Tacoma -Bellevue
CPI Year -aver -Year Inflation
Source: US Bureau of Labor Statistics
rl ri ri ri ri ei r-I rl ri ri ri N N N ry N N N N N N N N M M M M M M M M
N N N N N N N N N N ry N N N N ry N N N N N rV ry N N N N N N N N N
s = on Ct > V C.0 c= Qo a t > V C s = U
$120.00
$115, 00
$110 00
Tacoma -Bellevue
nulative Inflation
Bureau of Labor Statistics
$105 00
$100, 00
$95.00
$90,00
ri ri N N N ry N N N N N N N N M M M M M M M M
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
C _ 7 C — M a } V C - ? C — M a } V C 4 7 C — 40
LL Q Q �: O Z 0 �° - g Q Q v°1i Z O - g a f 6 � zt
a
Tax Levy
1. Doesn't keep up with inflation
2. Doesn't keep up with assessed value
3. Increasingly relies on Sales Tax
Levy Request
Process
✓ City estimates budget need
✓ 2024 Revenue budget: $11.9 million
o Requests up to maximum increase
o Ordinance requests $12.1 million
Next Steps
2024 Tax Levy
• October FEDRAC discussion
• Hearing Nov. 8th
• Ordinance introduced Nov. 8th
• Ordinance enacted Nov. 21st
LG 047.27792 -
F 100
LG 04TZ7792
100