TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Haritha Narra
Financial Planning Manager
TITLE:
title
Ordinance Establishing the 2024 Property Tax Levy for General Operations
a. Ordinance No. 3134: An Ordinance of the City of Redmond, Washington, Levying Property Taxes for the City of Redmond for the Fiscal Year Commencing January 1, 2024, on all Property, Both Real and Personal, in Said City Which is Subject to Taxation for the Purpose of Paying Sufficient Revenue to Carry on General Operations, Recognize Voter Approved Levy Lid Lifts for Public Safety and Parks for the Ensuing Year as Required by Law
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OVERVIEW STATEMENT:
recommendation
The property tax ordinance establishes the 2024 property taxes for general operations and for supporting Redmond's Levy Funds for Parks and Public Safety. Pursuant to state law, the City of Redmond may levy property taxes annually for general operations. The Revised Code of Washington (RCW) 85.55.005 allows a jurisdiction over 10,000 in population to raise property taxes by the lesser of the implicit price deflator or 1% plus new construction, annexations, and other miscellaneous adjustments (e.g., refunds) with a simple majority vote
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
2023-2024 Adopted Budget
* Required:
RCW 85.55.005
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
Redmond received final property tax figures from King County for 2024 on November 13, 2023. The attached ordinance (Attachment A) is based on the final information provided and will be submitted to King County prior to the November 30, 2023, deadline.
The rate of inflation (Implicit Price Deflator rate) was determined to be 3.67% by the Bureau of Economic Analysis in September, ...
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