Property tax revenues increase in 2010

  • Tue Oct 12th, 2010 7:36pm

By Mina Williams Enterprise editor

New construction and rising voter-approved levies contributed to lift 2010 property tax revenues an additional $181.6 million, 2.1 percent higher than last year.

A Washington State Department of Revenue report describes that this lift brings the total revenue stream to $8.8 billion. Approximately $52 million of the 2010 funds came from new construction being added to the tax rolls. An additional $99.2 million results from levies, bonds, levy lid lifts, funding for emergency medical services and other measures.

The average $332,186 single family home tax in Snohomish County in 2009 was $3,027 at the rate of $9.11 per $1,000. In 2010 that same residence, now valued at $296,727, would be billed at a rate of $9.92 or $2,943, a reduction of $84.

Values dropped primarily due to weakness in the housing market, the report says.

Levy rates rose to a statewide average of $10.28 per $1,000 assessed value due largely to an 8.1 percent drop in the assessed values of existing properties.

In Snohomish County the breakdown of the voter-approved measures brought $4.19 in for special local levies and bonds. The total rise in levies in the county is $9.92. That equals 42.2 percent, quite a bit higher than the statewide average of 38.6 percent.

Property Tax Statistics 2010 is published in the statistics and reports section of Revenue’s website, http://dor.wa.gov.