According to the staff report: The Port’s general property tax levy limitation is set forth in RCW 53.36.020 Tax Levy – Limitation. The maximum tax rate may not exceed $.4500 per thousand dollars of assessed value. The Port’s current tax rate is $.19865286591 per thousand dollars of assessed value. Generally, the maximum increase in the annual dollar amount of property taxes levied is 1% of the amount of tax levy from the previous year, plus an additional dollar amount calculated by multiplying the regular property tax levy rate for the preceding year by the increase in assessed value in the Port district resulting from new construction, improvements to property, and any increase in the assessed value of state-assessed property.
The Port is not required to levy the full amount of the maximum 1% increase in property taxes. Rather, the Port may submit a levy certification for the exact same amount of funds it levied in the prior year, or less. If the Port levies less than what it could have levied, the difference is considered “banked” and may be applied to future levies.
The Commission has had multiple discussions regarding the Port’s property tax levy and potential increases. At the commission meeting on October 25, 2017 the Commission introduced resolution 16-1140 which authorized increasing the levy increase beyond the implicit price deflator of .953% and resolution 16-1141 which authorized increasing the tax levy by 1% + 1/3 of the Port’s banked capacity which totaled 1.87%.
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| condoleezza rice (pic taken from google getty file) |
OH IF ONLY! SHE RAN!
Here is your true president material readers, Condoleezza Rice, she would have been even a better choice as VP even on the Libertarian ticket, why you may ask? One, she has the charisma, secondly leadership quality, thirdly experience in foreign policy, as well as likeability. Most important Loyalty! She would definitely stand up to Putin's saber rattling. The list could go on.
