TO: Committee of the Whole - Public Safety and Human Services
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
N/A
N/A
N/A
TITLE:
title
2023 Property Tax Levy
OVERVIEW STATEMENT:
recommendation
Per state law, a taxing jurisdiction must set its levy annually for the coming fiscal year. The deadline for submitting the 2023 property tax levy to King County is November 30, 2022.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
RCW 84.55.120
* Council Request:
N/A
* Other Key Facts:
Per state law, a taxing jurisdiction with a population of 10,000 or more can raise its property tax levy by the lesser of the implicit price deflator (IPD), which is a measure of inflation, or 1.0 percent plus new construction and other miscellaneous adjustments (e.g., refunds) with a simple majority vote of the legislative body. Given that the IPD was 6.457%, the 1.0% increase limitation applies to the 2023 levy.
The 2023-2024 preliminary budget assumes the Council will support a 1.0 percent increase in the City's 2023 and 2024 levies. Following is a breakdown of the 2023 proposed levy, which is based on preliminary numbers from the King County Department of Assessments for new construction, refund levy, and assessed valuation as of November 3, 2022. In addition, a public safety levy lid lift was on the November 8, 2022 ballot. Because its passage is unclear as of November 9, 2022, two property tax levy scenarios are provided below.
Scenario 1: 2023 Property Tax Levy (If 2022 Public Safety Levy is not Approved)
Property Tax
Levy Element
2023
Tax Year
Base Levy:
2022 Base Levy - 2022 Refund Levy
$23,678,892
1.0% Optional Increase
236,789
New Construction
1,141,079
Refund Levy
38,293
Total Base Levy
$25,095,053
Levy Lid Lifts:
1986 Parks M&O Levy
79...
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