11-17-2020 Property Tax Levy2021 Property Tax Levy
Ordinance
Regular Council Meeting
November 17, 2020
Presented by:
Ade’ Ariwoola, Finance Director
2021-2022 Biennial Budget
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.
22021-2022 Biennial Budget
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.
32021-2022 Biennial Budget
Proposed Ordinance
◼Public Hearing –
◼October 20, 2020
◼October 21, 2020
◼October 27, 2020
◼November 4, 2020
◼November 17, 2020
◼Limit factor –101% or IPD 100.60% (Inflation is less than 1%)
◼Substantial Need Resolution Approved –November 4, 2020
◼Rates:
◼Old –0.97655 per $1,000 of AV
◼New -0.90225 per $1,000 of AV
◼Percent increase over Last Year –0.84%
◼Total property tax revenue increase of $94,779 & new const. etc.
◼This Ordinance will be certified and sent to King County on Dec. 2, 2020.
4
A single
public
hearing
may be
held
2021-2022 Biennial Budget
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Council Action
▪Consider First Reading of 2021 Property
Tax Levy Ordinance.
▪Consider Moving It To December 1, 2020
for Second Reading and Final Adoption
2021-2022 Biennial Budget
Questions?
Thank You!
62021-2022 Biennial Budget