MEMO TO: Members of the City Council
FROM: Mayor John Marchione
SUBJECT:
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Adoption of an Ordinance Establishing the 2020 Property Tax Levy
a. ORDINANCE NO. 2984: An Ordinance Levying Property Taxes for the City of Redmond for the Fiscal Year Commencing January 1, 2020, 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
I. RECOMMENDED ACTION
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Adopt the ordinance establishing the 2020 property tax levy for general operations.
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II. DEPARTMENT CONTACTS
Malisa Files, Finance Director 425-556-2166
Kelley Cochran, Deputy Finance Director 425-556-2748
III. DESCRIPTION/BACKGROUND
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 percent plus new construction, annexations, and other miscellaneous adjustments (e.g. refunds) with a simple majority vote.
Redmond received preliminary property tax figures from King County for 2020 on
November 1, 2019, which did not include assessed valuation numbers for new construction on state public utilities. As a result, these numbers are estimates and are subject to change once the final worksheets are received from King County. The attached ordinance (Attachment A) is based on preliminary information, as King County must receive Redmond's property tax request by December 2, 2019.
The attached ordinance establishes the 2020 property taxes at $28,435,726 with $21,915,159 for general operations and $6,520,567 supporting Redmond's levy funds.
The City's assessed valuation has increased from $23.6 billion in 2019 to $25.8 billion...
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