(The Center Square) – Seattle voters have passed the largest tax proposal in city history, and homeowners will end up paying an average of more than $2,300 toward city services.
Proposition 1 was approved by over 65% of tallied voter in the general election.
The eight-year levy package totals $1.55 billion. The new levy is expected to cost a median homeowner in Seattle an additional $530 a year.
The levy authorizes an eight-year tax increase for collection beginning in 2025 of approximately 65 cents per $1,000 in assessed value. However, the ballot measure notes that it can go up to a maximum of $2.71 per $1,000. This confuses some readers.
The Center Square reached out to the city to understand this explanation on the ballot measure.
Mariam Ali, press secretary for the Seattle Department of Transportation, explained that the 65-cent levy rate is called the “mill rate.” The mill rate on a given year will increase or decrease based on the total assessed value of all property in the city including residential, commercial, and industrial.
The $2.71 per $1,000 in assessed value rate that was listed on the ballot measure is the calculated city total rate of all existing city levies, including Proposition 1.
It’s important to note that the city cannot increase its total rate above the legal limit of $3.60 per $1,000 in assessed value.
So how much are Seattle homeowners going to pay toward city services next year? Using the median home value of Seattle, which is currently $850,272. Multiply that by the $2.71 rate and you get $2.3 million. Divide that by $1,000 and you get $2,304 in property taxes paid to Seattle alone for 2025.
With the jump in tax revenue from homeowners, SDOT will fund high-priority transportation needs.
For instance, the biggest portion of generated funding – totaling $330 million – will go toward roadway maintenance. According to the city, approximately 15 major corridors are planned to be repaved.
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Another $115 million is set to go toward transit improvements on streets with high ridership bus routes and create better access to Sound Transit light rail stations. This is expected to help better connect Seattle residents to public transportation.
The third largest allocation of levy funds is $111 million for the construction of at least 350 blocks of new sidewalks.