The Tumwater City Council agreed to schedule in its November 21 consent agenda an ordinance authorizing a 1% increase in property taxes. The ordinance would get approved as a consent item except if it is pulled out for further discussion.
Assistant Finance Director Shelly Carter briefed the council on the proposed increase. A 1% increase in property taxes corresponds to an increase of the levy rate from $1.77 to $1.86 per $1,000 of assessed property value. This increase would allow the city to earn an additional $110,698 for 2024.
The city estimates it would collect $11.2 million in property taxes next year based on $6.3 billion of assessed property value.
New constructions in the city during 2023 added $227.8 million in value to existing properties, allowing the city to collect an additional $404,098 in property taxes next year.
Carter explained that the state limits property tax increases to one percent or the inflation rate of properties, whichever is lower. She stated that according to the Washington State Department of Revenue, the implicit price deflator, used to assess inflation in cities with more than 10,000 residents, was 3.67% in 2023.
The council held a public hearing before making its decision. Only one resident, Pamela Hanson, gave oral testimony to oppose the increase, believing that the city could cut spending to offset the cost of not implementing an increase.
Once the resolution is approved, it will be forwarded to the Thurston County Assessor’s Office along with a certification of the 2024 property tax levy before the deadline of November 30.
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Honestyandrealityguy
So to do the math, values increased 9% and they want more?
Thursday, November 9, 2023 Report this
DesertMedic
The article states "This increase would allow the city to earn an additional $110,698 for 2024." But then the next line says "The city estimates it would collect $11.2 million in property taxes next year based on $6.3 billion of assessed property value." Which one will they collect $110,698 or $11.2 million?
Thursday, November 9, 2023 Report this