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PROPERTY TAX LIMITATIONS(statutory limits)
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Washington
State law strictly controls the amount that local districts may increase
their total property tax revenues. Property tax limitations are restrictions
that affect how high property tax rates can go. These limits apply
to the taxing district as a whole, not to individual parcels of property.
The Assessor assures that taxing district budget requests comply
with these limitations.
The One Percent Lid: The one percent lid law applies to a taxing district's budget, and not to increases in the assessed value of individual properties. RCW 84.55.010 This law restricts the individual taxing districts from collecting, in any year, more than a one percent increase in its regular, non-voted levy over the highest levy since 1985. New construction, changes in state-assessed property, annexations, and excess levies approved by the voters are in addition to the one percent limit. Therefore, it is possible for a taxing district's actual annual revenue to increase greater that one percent in a given year. |
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