HomeMy WebLinkAbout2024 Property Tax Public Hearing - 11.8.20232024
PROPERTY
TAX LEVY
PUBLIC
HEARING
November 8, 2023
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
Strengthening Our Foundation:Investing in Core Services
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
Enhancing the
Customer Service
Experience
Increasing Public
Safety
in Port Angeles
Promoting
Environmental
Resilience
Investing in
Upgrades to
Infrastructure
Strengthening Our Foundation:Investing in Core Services
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
Statutory limit of 1% of full, fair market value -$10.00 per $1,000 of
assessed value
Levy rate per $1,000 of assessed value
State $3.60
Local Districts 5.90 Includes senior & junior districts
Other 0.50
Total $10.00
Senior Taxing Districts:
Counties regular levy
County Road District
Cities
The following are considered Senior Taxing Districts and are not subject to
the $5.90 limit but are subject to the 1% or $10.00 limit
Public Utility Districts
Port Districts
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
City of Port Angeles levy limit:
Regular limit $3.224 per $1,000 of assessed value
Fire Pension $0.225
Total COPA Levy Limit $3.449
2023 Levy $1.73
Available Regular Capacity $1.49
2024 Levy est.$1.64
Available Regular Capacity est.$1.58
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
1.73 3.05
0.11
2.40
0.02
0.81
0.
3
1
0.
3
3
0.
3
4
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00
City of Port Angeles School District Port of PA
State Conservation Futures Clallam County
Library Hospital William Shore
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
State law allows for a property tax increase up to the Implicit Price
Deflator (IPD) or one percent, whichever is lower.
Implicit Price Deflator for Personal Consumption
Expenditures published by the Bureau of Economic Analysis
Used to determine the inflation in the economy
The September IPD is 3.67%
In year’s when the IPD falls below 1.0% it is necessary for a
resolution declaring substantial need to be passed by Council
in order to levy an increase of the full allowable 1.0%
A 1% increase is directed in Section 2.13 of the City’s
Financial Policies.
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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IMPLICIT PRICE DEFLATOR
0.
9
5
3
%
1.
5
5
3
%
2.
1
6
9
%
1.
3
9
6
%
0.
6
0
2
%
3.
8
6
0
%
6.
4
5
7
%
3.
6
7
0
%
2016 2017 2018 2019 2020 2021 2022 2023
IMPLICIT PRICE DEFLATOR
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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VALUE OF A 1% INCREASE
Value of a 1%
Increase in
2024
Value of New
Construction
Additional
Items Allowed
$50,556.67 $40,107.24
Assessed Value
$23,785,681
Not tied to the
1% allowed
State
Properties
Assessed
Valuation
Refunds
Improvements
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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VALUE OF A 1% INCREASE
$4
,
3
4
6
,
4
6
1
$4
,
4
1
6
,
7
2
8
$4
,
5
0
9
,
2
0
8
$4
,
5
6
9
,
6
1
7
$4
,
6
4
5
,
9
4
4
$4
,
7
2
1
,
9
8
2
$4
,
8
3
3
,
8
7
3
$4
,
8
3
3
,
5
4
2
$5
,
0
8
5
,
1
0
0
$5
,
1
9
3
,
6
0
0
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023
Budget
2024
Estimate
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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ASSESSED VALUE HISTORY
$1
,
4
7
5
,
5
4
1
,
0
7
3
$1
,
5
3
7
,
5
4
1
,
9
8
6
$1
,
6
6
7
,
8
5
9
,
1
4
7
$1
,
8
3
5
,
1
2
9
,
7
7
3
$2
,
0
5
7
,
2
2
4
,
1
6
1
$2
,
1
7
3
,
5
6
4
,
7
5
8
$2
,
4
1
8
,
9
1
0
,
4
1
4
$2
,
9
2
9
,
3
0
8
,
9
9
6
$3
,
1
3
6
,
9
1
3
,
8
6
4
2.6%4.2%
8.5%
10.0%
12.1%
5.7%
11.3%
21.1%
7.1%
0%
5%
10%
15%
20%
25%
$-
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024
ASSESSED VALUES
Assessed Values % Change Previous Year
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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ASSESSED VALUE HISTORY
The average change in assessed value from 2023 to 2024 is 7.1%
$1
,
4
5
1
,
9
3
3
,
4
7
1
$1
,
4
3
8
,
4
1
3
,
4
5
1
$1
,
4
7
5
,
5
4
1
,
0
7
3
$1
,
5
3
7
,
5
4
1
,
9
8
6
$1
,
6
6
7
,
8
5
9
,
1
4
7
$1
,
8
3
5
,
1
2
9
,
7
7
3
$2
,
0
5
7
,
2
2
4
,
1
6
1
$2
,
1
7
3
,
5
6
4
,
7
5
8
$2
,
4
1
8
,
9
1
0
,
4
1
4
$2
,
9
2
9
,
3
0
8
,
9
9
6
$3
,
1
3
6
,
9
1
3
,
8
6
4
3.16 3.23
2.98 2.91
2.73
2.53
2.30 2.21
2.02
1.73 1.64
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
$-
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
ASSESSED VALUES & LEVY RATES
Assessed Values Levy Rate
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COST TO HOMEOWNERS
Includes City of Port Angeles Property Tax only.
TAX
YEAR
REGULAR
LEVY
EXCESS
LEVY
TOTAL
LEVY
TAXES
ON A
$250,000
HOME
TAXES
ON A
$300,000
HOME
TAXES
ON A
$350,000
HOME
2019 2.53 0.00 2.53 632.50$ 759.00$ 885.50$
2020 2.30 0.00 2.30 575.00$ 690.00$ 805.00$
2021 2.21 0.00 2.21 552.50$ 663.00$ 773.50$
2022 2.02 0.00 2.02 505.00$ 606.00$ 707.00$
2023 1.73 0.00 1.73 432.50$ 519.00$ 605.50$
2024 1.64 0.00 1.64 410.00$ 492.00$ 574.00$
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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COST TO HOMEOWNERS
A $300,000 home in 2023
with the average assessed
value increase of 7.1%
would be worth $321,300
in 2024.
321.3
Assessed value
per every $1,000
1.64
The estimated
2024 levy rate
(includes the 1%
increase allowed)
$526.93
The tax collected in
2023 was $519.00.
This means the
increase in 2024
will be $7.93
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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CONCLUSION
1% increase
to Property
Tax
0.1% increase
to TBD Tax
Assumes
increases to
fee revenue
There are three increases proposed in the General Fund 2024 Budget.
Based on the recent
COSA study
In support of the Street Department
Costs are increasing at a higher rate than 1.0%
Utility rate
increases for the
Solid Waste and
Stormwater utilities.
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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PROPERTY TAX LIMITATIONS
Strengthening Our Foundation:Investing in Core Services
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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BUDGET SCHEDULE
Tentative Budget Work Session –if needed
2024 Property Tax Public Hearing Continuation,
Adoption of Ordinance and Resolution. 2024 Budget
Presentation, Public Hearing & 1st Reading of Ordinance
2024 Budget Public Hearing Continuation, 2nd Reading of
Ordinance and Adoption
NOV
14
NOV
21
DEC
5
2024 PROPERTY TAX LEVY PUBLIC HEARING –NOVEMBER 8, 2023
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REQUESTED PROCESS
Conduct the first reading of the 2023 Property Tax levy for
2024 Collection Ordinance.
Open the Public Hearing
Continue the Public Hearing to November 21st
Questions and Discussion from Council