11-16-2021 2022 Property Tax Levy2022
Property Tax
Levy
City Council Meeting
November 16, 2021
Levy Request
✓ City requests levy amount from County
✓Subject to 1 % cap on existing value
✓County supplies all data
1*
By Ordinance 2152 of the Metropolitan Icing County Council, Taxing Districts are required
annuallyto submit the following information regarding their tax levies for the ensuing year
as part of a formal resolution of the District's governing body.
THE KING COUNTY ASSESSOR HAS NOTIFIEDTHE GOVERNING BODY OF
City of Federal Way THAT THE ASSESSED VALUATION OF PROPERTY
LYING WITHIN THE BOUNDARIES OF SAID DISTRICT FOR THE ASSESSMENT YEAR 2021 IS:
REGULAR (STATUTORY) LEVY (AS APPLICABLE);
EXPENSE FUND
-TEMP. LID NAME
-TEMP. LID NAME
RESERVE FUND
NON -VOTED G.O. BOND (Limited)
REFUNDS (noted on worksheet)
TOTAL R EG ULAR LEVY
141297,663,551 q
12,557,379
42,622 B
12,600,000
PRELIMINARY
LEVY LIMIT WORKSHEET - 2022 Tax Roll
TAXING DISTRICT: City of Federal Way
Tire following determination of your regular levy limilfar 2022 property taxes is provided by Me ]fling County
Assessor pursuant to RCW 84.55.100.
Annexed to Fire District 39
Estimated Fire rate:
1.43519
Annexed to Library District
(Note 1 ) Estimated library rate; 0.29186
Using Limit Factor
Using Implicit
For District
Calculation of Limit Factor Levy
Price deflator
11,409,884
Levy basis for calculation: (2021 Limit Factor) (Note 2)
11,409,884
1.0100
x Limit Factor
1.0386
11.523,983
= Levy
11,860,306
43,640,203
Local new construction
43,640,203
0
+ Increase in utility value (Note 3�
0
43,640,203
= Total new construction
43,640,203
0.90261
x Last year's regular levy rate
0.90261
.39,390
= New construction levy
39,390
11,563,373
Total Limit Factor Levy
11,989,696
Annexation Levy
0
Omitted assessment levy (Note 4)
0
11,563.373
Total Limit Factor Levy + new lid lifts
11,889,696
14.396,890,446
+ Regular levy assessed value less annexations
14.398,890,446
0,80307
= Annexation rate (cannot exceed statutory maximum rate)
0.82574
4
x Annexation assessed value
0
0
= Annexation Levy
0
Lid lifts, Refunds and Total
0
+ First year lid lifts
0
11.563,373
+ Limit Factor Levy
11.889,696
11,563,373
= Total RCW 94.55 levy
11,889,696
42,622
+ Relevy for prior year refunds (Note 5)
42,622 B
11,605,995
= Total RCW 84.55 levy + refunds
11,932,318
Levy Correction: Year of Error (+or-)
1 1.Bo5.995
ALLOWABLE LEVY (Note 6}
11,932.318
Increase Information (Note 7)
0,80603 Levy rate based on allowable levy 0.82870
Last year's ACTUAL regular levy 11,413,847
110,136 Collar increase over last year other than NfC — Annex 436,459
0.96% ercent increase aver last year other than NIC — Annex 3.V%
Calculation of statutory levy C
Regular levy assessed value (Note 8) 14,398,890,�46
PRELIMINARY
LEVY LIMIT WORKSHEET - 2022 Tax Roll
TAXING DISTRICT: City of Federal Way
Tire following determination of your regular levy limilfar 2022 property taxes is provided by Me ]fling County
Assessor pursuane to RCW 84.55.100.
Section 1. Levy. There is hereby levied against the property in the City of Federal Way,
Washington, a municipal regular property tax for the year 2022 for the purpose ofpaying expenses
iLfld discharge obligations of the City in the amount of Twelve Million Six Hundred Thousand and
N 1100 i)oiIars 12, 00,000,00 ,
The levy amount shall include: 1) an increase in property tax revenue from the previous
year of One Hundred Ten Thousand One Hundred Thirty- S ix and N0/100 Dollars 110,136.00
or ninety six hundredths o f a percent (0. %)-! ( new construction and improvements to property;
11.563,373 + Limit Factor Levy 11,889,696
11,563,373 = Total RCW 84.55 levy 11,889,696
42,622 + Relevy for prior year refunds (Note 5) 42,622
11,605,995 = Total RCW 84.55 levy + refunds 11,932,318
Levy Correction: Year of Error
11.6o5.995 ALLOWABLE LEVY (Note 6} 11,932.318
Increase Information (Note 7)
0,80603 Levy rake based on allowable levy 0.82870
Last year's ACTUAL regular levy 11,413,847
110,136 Dollar increase over last year other than NfC — Annex 436,459
0.96% ercent increase over last year other than NIC — Annex 3.V%
Calculation of statutory levy
Regular levy assessed value (Note 8) 14,398,890,446
6% 6% 13%
$16,000,000,000
$14,000,000,000
$12,000,000,000
$10,000,000,000
$8,000,a0a,0aa
$6,000,000,000
$4,000,000,000
$2,000,000,000
$o
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Annual Levy
1% 2% 3%
$12,000,000
$10,000,Ooo
$8,000,000
$6,000,000
$4,000,000
$2,000,000
$0
Property Value
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Levy Request
✓ Completely formula -driven
✓Assessed Value (AV) is determined for us
✓Levy is capped
✓Rate is result (Levy/AV x 1,000)
'7
3 ra I Vllav
Timeline
✓ Oct 26 - FEDRAC discussion
✓Nov. 16 - Public Hearing, Levy
o Dec. 7 — Enactment Ordinance
1*
Recommendation
Staff recommends approval
Questions