City Council to vote on property tax increase Oct. 16
EVERETT - The city plans to increase property taxes by 1 percent for 2014.
The rate itself is going down, but the cost of the tax will go up for most people because home values are increasing.
The 1 percent increase would make Everett’s property tax rate $3.42 per $1,000 in assessed property value when including the city’s 50-cent emergency medical services levy. Homeowners paid a rate of $3.63 per $1,000 in assessed property value this year.
The average home value will go up by 8.1 percent next year, according to the city. The average Everett house was worth around $200,000 in 2013, according to the Snohomish County Assessor’s Office.
The City Council is scheduled to approve the tax increase after a public hearing Wednesday, Oct. 16.
The city is only allowed a maximum 1 percent increase each year because of Tim Eyman’s Initiative 747. Everett has authorized the increase for years.
The city is poised to operate on a $113 million general fund budget next year. The general fund pays for day-to-day expenses. Property taxes represent about $34 million in revenue for the city or about 30 percent of its budget. The 1 percent increase will raise an additional $333,000.
The EMS levy will provide almost $6 million for emergency services.
City taxes represent about one-fourth of a homeowner’s property tax bill. The state, county, Port of Everett and school district also levy property taxes.
The city is scheduled to hold public hearings on the 2014 budget in November after it is released.
The city’s budget is expected to be finalized by a City Council vote in December.
The City Council meets most weeks at 6:30 p.m. Wednesdays in the council chambers, 3002 Wetmore Ave.
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