How Much Will My Property Taxes Increase?
The Quick Answer
This Proposition allows the Park District to levy taxes up to $.75 per $1,000 of assessed value, the maximum allowed by statute. That means an annual increase of $750 for a house assessed at $1 million or $375 for a condo assessed at $500,000. The City states it anticipates the initial tax rate will be set somewhat lower at $.55 per $ 1,000 of assessed value based upon preliminary cost projections and assumptions about total assessed value in the City. But the pool facility is only 10% designed, so that initial rate is not guaranteed. (And interest rates are currently rising, making bond issues more expensive.) At the projected initial rate of $.55 per $1,000, this new tax adds 33% to what you already pay to the City.
The Details
Paying More for Less
This Proposition 1 is estimated to cost each household 73% more than the 2019 pool bond proposition, which was defeated by the voters (presumably for costing too much), for a project that is significantly reduced in scope from the 2019 proposal.
The 2019 Pool Bond Issue, which was defeated by the voters, was estimated by the City to cost the median-valued household $244 per year, for the life of the bond issue (~20 years). That proposal was for a 75,000 square foot facility that included a senior center, a commercial kitchen, a gym, an indoor track, weight rooms as well as pool facilities. (It also included improvements to four City parks. Those improvements were later rolled into the 2022 Bond Issue, for which the median-valued household is currently paying $144 per year.)
This year's Park District proposition is estimated by the City to cost the median-valued household $421 per year in perpetuity. The current proposal is for a 48,000 square foot facility, with no senior center, no kitchen, no gym, no track, and no weight rooms.
Low-Income Seniors, Disabled, and Veterans Will Be Hit Particulary Hard by These New Taxes
Note also that these new taxes will hit low-income Seniors, Veterans, and Disabled Persons particularly hard. While Senior Citizens, Disabled Persons, and Disabled Veterans meeting age, income, and/or disability requirements would have been eligible for exemption or deferral from the taxes for the 2019 bond issue, those exemptions or deferrals will not apply to the taxes created by this year's Proposition 1.
(The reason for this is that the new Metropolitan Park District will be a "Junior Taxing District", while the exemptions called out in RCW 84.36.381 only apply to "Regular Taxing Districts" and "Excess Levies". The taxes to service the 2019 bond issue would have been an "Excess Levy".)