11-15-2019 Ord - Property Tax LevyCity of Federal Way
2020 Property Tax Levy Ordinance
Presented by:
Chase Donnelly, Accounting Manager
November 19, 2019
RCW 84.55.120 – Public Hearing
(1) A taxing district, other than the state, that collects regular levies must hold a public hearing on revenue sources for the district's following year's current expense budget. The
hearing must include consideration of possible increases in property tax revenues and must be held prior to the time the taxing district levies the taxes or makes the request to have
the taxes levied. The county legislative authority, or the taxing district's governing body if the district is a city, town, or other type of district, must hold the hearing. For purposes
of this section, "current expense budget" means that budget which is primarily funded by taxes and charges and reflects the provision of ongoing services. It does not mean the capital,
enterprise, or special assessment budgets of cities, towns, counties, or special purpose districts.
(2) If the taxing district is otherwise required to hold a public hearing on its proposed regular tax levy, a single public hearing may be held on this matter.
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RCW 84.55.120 – Public Hearing-cont.
(3)(a) Except as provided in (b) of this subsection (3), no increase in property tax revenue may be authorized by a taxing district, other than the state, except by adoption of a separate
ordinance or resolution, pursuant to notice, specifically authorizing the increase in terms of both dollars and percentage. The ordinance or resolution may cover a period of up to two
years, but the ordinance must specifically state for each year the dollar increase and percentage change in the levy from the previous year.
(b) Exempt from the requirements of (a) of this subsection are increases in revenue resulting from the addition of:
(i) New construction;
(ii) Increases in assessed value due to construction of wind turbine, solar, biomass, and geothermal facilities, if such facilities generate electricity and the property is not included
elsewhere under this section for purposes of providing an additional dollar amount. The property may be classified as real or personal property;
(iii) Improvements to property; and
(iv) Any increase in the value of state-assessed property.
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Proposed Ordinance
Public Hearing –
November 5, 2019
November 19, 2019
Limit factor – 101% or IPD 101.396% (Inflation is more than 1%)
Rates:
Old – 0.97350 per $1,000 of AV
New - 0.93395 per $1,000 of AV
Percent increase over Last Year – 0.73%
Total property tax revenue increase of 80,490 & new const. etc.
This Ordinance will be certified and sent to King County by Dec. 2, 2019.
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A single public hearing may be held
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Council Action
Consider First Reading of 2020 Property Tax Levy Ordinance
Questions?
Thank You!
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