Hearing no opposition, the Port Townsend City Council unanimously approved a 1% increase to its property tax levy on Nov. 4.
The increase will bring in $25,989 for the city's general fund …
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you had an active account on our previous website, then you have an account here. Simply reset your password to regain access to your account.
If you did not have an account on our previous website, but are a current print subscriber, click here to set up your website account.
Otherwise, click here to view your options for subscribing.
* Having trouble? Call our circulation department at 360-385-2900, or email our support.
Please log in to continue |
|
Hearing no opposition, the Port Townsend City Council unanimously approved a 1% increase to its property tax levy on Nov. 4.
The increase will bring in $25,989 for the city's general fund and $12,190 for its library levy, said Jodi Adams, the city's financial director.
"The increase is just taking the tiniest bite toward trying to keep up with inflation at the city level," Port Townsend Mayor David Faber said during the meeting. "Our budget is dependent on us approving this."
State law permits municipalities with populations over 10,000 to raise their levy by up to 1% annually without a public vote, provided the U.S. Bureau of Economic Analysis' implicit price deflator (IPD) rate exceeds 1%.
The IPD rate due next year is 2.5%, Adams said.
The 2025 property tax levy is estimated at $4.1 million, based on an estimated rate of $1.36 per $1,000 estimated value. The city's total assessed property value is $2.9 billion.
Under the city's proposed budget for next year, $2.5 million in property taxes will be allocated to the city's general fund. The remaining funds will be allocated to general government debt service, firefighters pension, the library fund and the Mountain View levy.
The increase will go into effect on Jan. 1.
