Title
Approval of Ad Valorem Tax Ordinance
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Ad Valorem Tax Ordinance on second reading.
Report
Issue:
Approval of ordinance to set the Ad Valorem Tax for 2013 collections.
Staff Contact:
Dean Walz, Fiscal Services Director, Administrative Services Department, 360.753.8465
Presenter(s):
N/A
Background and Analysis:
[Same Background and Analysis as November 12 and 19, 2013 meetings]
The City is required to adopt a property tax levy ordinance and file a levy certification with the County by November 30, 2013. If no certification is filed, the County will levy the lessor of the amount levied for 2013 or any other legal limit which may be applied to the levy.
A public hearing on General Fund revenues sources, including property tax, is required prior to the adoption of the property tax levy (RCW 84.55.120). Schedule of proposed 2014 General Fund revenues is attached. Notice of the hearing was published on October 29th and November 5, 2013. A public hearing was held on November 12, 2013.
The 2014 general levy is based on a 1% increase over the 2013 levy excluding the 2013 refund levy, plus estimated amounts for new construction, a contingency, and a refund levy to be collected in 2014. To increase the levy beyond these limits requires voter approval (levy lid lift).
A contingency is included because the final values and changes in State assessed properties (utilities) are not known at this time. The maximum the City can collect in property taxes is limited to the lessor of the legal limit or the amount specified in the authorizing ordinance.
Once a levy is set there may be adjustments made which lower the amount of taxes to be collected, e.g. lower assessed valuations. The amount not collected due to adjustments can be added to the next year's levy as a refund levy.
The estimated regular levy for 2014 ...
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