Title
Approval of Resolution Setting the 2024 Olympia Metropolitan Park District (OMPD) Ad Valorem Tax
Recommended Action
Board Treasurer Recommendation:
Move to approve the OMPD Ad Valorem Tax and authorize board members to sign the Resolution.
Report
Issue:
Whether to set the OMPD Ad Valorem Tax in the amount of $5,579,598 for collection.
Staff Contact:
Aaron BeMiller, OMPD Board Treasurer, 360.753.8465
Presenter(s):
Aaron BeMiller, OMPD Board Treasurer
Background and Analysis:
Under state law, property tax revenue increases are limited to the lessor of 1% or the Implicit Price Deflator (IPD) on the highest lawful levy amount. State law allows for add-ons from new construction, state assessed property, annexations, and refunds to be added to property tax revenue above the 1% legal limit. The IPD, which is a measure of the rate of inflation for personal consumption, is 3.67% for 2023. As such, the Board is allowed to levy the full 1% increase on the highest lawful levy. The Olympia Metropolitan Park District (OMPD) is required to adopt a property tax levy resolution and file a levy certification with the County by November 30, 2023. If a certification is not filed, the County will assess the 2023 levy amount.
A public hearing on revenue sources, including property tax, was held on October 24, 2023. The proposed OMPD 2024 revenue only includes property tax. Notice of the hearing was published on October 11 and October 17. The levy is based on the budget, which includes amounts to be paid to the City of Olympia and administrative costs.
The proposed levy amount is $5,579,598 including legally allowed add-ons above the 1% maximum. Based on the most current assessed valuation of the District the projected levy rate, excluding the Refund Levy, per $1,000 assessed value is $0.4981. The actual levy rate may differ slightly when the Thurston County Assessor finalizes their valuations. The OMPD levy utilizes all available banked property tax capacity.
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