Thursday, November 17, 2016
A reader had a question about Shoreline's Prop 1, which is passing with a 67% Yes vote as of 11-17-2016.
So on a 400,000 house ... which is almost the average cost of a home, it would cost the taxpayer $556 more each year in property tax??? and people wonder why rents are high! Is my Math correct???
Sara Lane, Administrative Services Director for the City of Shoreline, responded.
Thank you for your question. Your math is not exactly correct. The additional amount that a homeowner of a $400,000 home will pay in 2017 as a result of Proposition 1 is $64.
With the passage of the levy lid lift renewal the total amount that a homeowner would pay to the City of Shoreline on a home valued at $400,000 in 2017 would be $556.
Proposition 1 restored the property tax rate to $1.39 in 2017 and allows the City’s Levy to grow by CPI (i.e. “inflation”) for the next 5 years.
Had Proposition 1 not passed, the amount paid to the City of Shoreline on a $400,000 home would be an estimated $492 in 2017 – as I noted, a difference of $64 per year.
Property tax is the largest operating revenue source for the City, supporting critical services like public safety, parks and recreation, and community services. Without the passage of Proposition 1, the City would have been forced to reduce non-mandatory services in order to balance its annual operating budget.
Thank you to the Shoreline voters for supporting Proposition 1 and allowing the City to maintain our current levels of service to the community!