Title
Budget Snapshot - General Property Tax 1 Percent Limitation and Uses
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive a briefing on the general property tax 1 percent limitation, new construction and how property tax revenue is used. Briefing only; No action required.
Report
Issue:
Whether to receive a briefing on property tax 1 percent limitation and uses.
Staff Contact:
Nanci Lien, Fiscal Services Director, Administrative Services Department, 360.756.8465
Presenter(s):
Nanci Lien, Fiscal Services Director
Background and Analysis:
The City is limited to an annual levy increase of 1 percent for general property taxes, plus any new construction.
Staff will present information on how the 1 percent limitation applies, how new construction is calculated and how these tax resources are used in the City of Olympia’s operating and capital budgets.
Neighborhood/Community Interests (if known):
N/A
Options:
Information only.
Financial Impact:
N/A
Attachments:
None