NO STORYTELLING, JUST THE PAINFUL FACTS
My 8500 s.f. house (1977) surrounded by 3 schools and 3 parks
Appraised value: $1,221,000
2022 appraised $855,000 x 8.58 (rate) = $7,358/year
2023 appraised $1,221,000 x 8.58 (assumed rate) = $10,476/year
Approximate 30% or $3118/ annual increase. 😓
DON'T FORGET THE LWSD CAPITAL LEVY
This $295 million, 6-year levy was approved early 2022
with collections starting January, 2023.
The levy rate is .5/$1,000 assessed value.
Based on my home's appraised value my new tax is $610/year.
Good news: It's paying off the old bonds so the construction rate will decrease over time.
Just a reminder we pay about $1,000/year any which way you look at it.
A few charges:
Based on .25/$1000 my net increase over 2022 is $92.00/year
Car tabs: $110/vehicle valued at $10,000; thus a $60000 Tesla tab is $660/year
Used cars are appreciating so $15,000 Camry could be valued at $20,000, a $220 tab.
Don't forget we're also paying $330/yr for ST-2.
OTHER PROPERTY TAX AGENCIES
State School Part One
State School Two
Local school support
City of Redmond
County
Port
Hospital
Library
EMS
CITY OF REDMOND SAFETY LEVY, if passed
$10,400,000, 6-year levy
.34/$1000 assessed value
If passed, my annual property taxes with increase $415.14 per year
CRISIS CARE CENTERS LEVY
Planning Ahead
5 new regional crisis care facilities, one for serving youth.
14.5 cents per $1,000 assessed value or $177/ year starting 2023.
The King County Property Tax rate of 8.58 may increase in 2023.
Assembled and posted by Bob Yoder, 10/22/2022
Couple of things.
ReplyDeleteSound Transit car tabs doesn't increase with value of used cars. It's a preset schedule with a percentage of the original MSRP, and smaller every year your car gets one year older.
For property taxes, the levy rate changes every year to keep the average increase to 1%. For instance, the Sound Transit levy rate was 0.25 in 2016. It was 0.18 last year, and will step down again this year (the exact number will be set nearer the end of the year).
You will see an increase in taxes more than 1% in the following circumstances:
(a) newly voted taxes, and we have a few of those.
(b) if your house has increased in value more than the average. Not so likely with city taxes or existing LWSD taxes, because we're all seeing similar increases. But more likely with County taxes, because northeast King County has seen values grow faster than the rest of the county. And particularly likely with the statewide property tax, because local values are up a lot more than the statewide average.
I expect the state property tax will go up a lot, but the others should be less consequential.
Got it.
ReplyDeleteBetween the two of those our taxes would increase over $400 per year. Additionally, since our assessment went up 40% as well, the existing Redmond 1% tax/$1000 will already go up an additional $400. So, over $800/year increase. This does not count what regular property tax and potential school levies will increase.
ReplyDeleteAny existing $/$1000 levies and taxes will go up 40% in 2023 for us (and many/most Redmond property owners). What are the powers that be planning to do with this windfall and why are they asking for even more?
October 29, 2022 at 2:03 PM