Revenue Overview & Options

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Presentation transcript:

Revenue Overview & Options Jeff Mitchell OPR Office of Program Research

Office of Program Research

Office of Program Research

Office of Program Research

Office of Program Research

Office of Program Research

Office of Program Research 1% Constitutional Limit on Regular Levies - Overlapping of Taxing Districts An example in an unincorporated area Library District A Hospital District Fire District County Road County General Expense Area A: State Property Tax County General Expense County Road Fire District Library District Hospital District Office of Program Research

Constitutional 1% Limit - Regular Levy Tax Rate Allocation Rates in $ per thousand. Excludes excess levies such as local school levies. State and Local Regular Property Taxes GAP: The Order in which Districts Get Pro-rated $10.00 $7.50 $5.00 $2.50 $0.00 $0.50 Other Levies 1st Tier: Mt. Si Metro Park Levy 2nd Tier: Flood Control Zone District 3rd Tier: King County Transit 4th Tier: Protected Portion Fire protection district 5th Tier: County Criminal Justice 6th Tier: County Ferry 7th Tier: Tacoma Metro Park 8th Tier: Conservation Futures, Affordable Housing, EMS in excess of 30 cents 9th Tier: EMS – First 30 Cents Fully Protected: Sound Transit The “Gap” Maximum State Levy $3.60 Local levies potentially reduced if the state property tax rate is increased. Incorporated $5.90 Unincorporated $5.90 (Most) Local Regular Property Tax Levies $5.90 Junior $0.50 Junior Districts $1.85 County $1.80 Within the $5.90 limit, the following districts get pro-rated first: park & rec, city transportation authority, flood control zone (portion not protected), all other junior districts except: fire protection, fire authorities, library, and metro park County $1.80 County Road $2.25 City $3.60 Office of Program Research

Office of Program Research

Regular property taxes on greater of: $50,000 or 35% of assessed value Impact of Decreasing Local School Levies and Increasing the State Levy: Interaction with the Senior Citizen Property Tax Relief Program All excess levies (Local school levies are the main type of excess levy) Regular property taxes on greater of: $50,000 or 35% of assessed value (includes state levy) Regular property taxes on greater of: $60,000 or 60% of assessed value If income <= $40K, then exempt from Without a change in the law, property owners qualifying under the senior citizen property tax relief program may pay more in total property taxes. If income <= $35K, then also exempt from If income <= $30K, then also exempt from To qualify under the program, applicants must also meet several additional requirements, including conditions related to age or disability. Office of Program Research

Office of Program Research

Office of Program Research