Assuming the Port of Everett’s commissioners approve the port’s budget and tax levy for 2015 at its meeting this afternoon, port district taxpayers in Everett and Mukilteo can expect their millage rate to drop two cents to 33 cents per $1,000 of assessed value from 35 cents.
The drop in millage rate isn’t because the port is seeking less tax revenue, but because the district’s overall valuation has increased by 8 percent and new construction has also added to the tax rolls. It also doesn’t mean your tax bill will be any less expensive. A property tax payer in Everett, using an average home value of $194,000, would pay an annual port tax of about $64, about $1.50 more total. A Mukilteo home owner, with an average home value of $358,000, would pay about $118.
The port has projected $4.53 million for tax revenue for its 2015 budget, about $127,000 more than it budgeted in 2014 but about $20,000 less than its projected to receive for this year. But that $4.53 million figures in a 1 percent increase the port is allowed to take without seeking voter approval and a similar amount of banked capacity it could have taken in 2014 but didn’t.
It’s not a great deal of money, a total of about $88,000 for the 1 percent increase and the banked capacity, but we wonder if the port could earn itself some goodwill by again foregoing the increase it’s allowed.
The port often makes the point that it does not use the revenue from the tax levy for its operations. It’s earmarked for capital budget projects to clean up and mitigate “legacy” environmental problems on 216 acres of the property it manages, infrastructure projects and enhancement and development of 1,600 acres of waterfront for public access; all worthwhile investments.
We question whether it’s the right move for the port to take an increase it doesn’t appear to need only because it can.
Earlier this month, the port completed the sale of its Bayview Building at 2911 Bond Street, a sale planned since 2008 but delayed by the economic downturn. The sale, authorized by the commission on Oct. 4, will bring $1.675 million to the port.
With that windfall, that $88,000 isn’t going to mean much financially to the port. Nor would it make much of a dent on many tax bills. It’s a drop in the bucket either way. But it might mean something to district residents if the port took a little less than it’s allowed.
The Port of Everett commission meets to consider approval of the budget and tax levy at 5 p.m. today at the Port Waterfront Center, 1205 Craftsman Way, in the second-floor Blue Heron Room.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
