By Alia Sinclair
The SeaTac City Council voted unanimously to pass an ordinance authorizing the City’s 2025 Property Tax Levy at its Tuesday night meeting (Nov. 27, 2024) – the 2025 tax levy is expected to increase by 0%.
The levy amount is based on the assessed valuation (AV) of the City, as determined by the King County Assessor’s Office.
The King County Assessor has given the City a preliminary estimate of the City’s 2025 assessed value equal to $8.987 billion. The City is limited to a 101% increase factor for property tax or the Implicit Price Deflator (IPD) whichever is less.
This year’s IPD is 2.57%, so the maximum amount the levy can increase is limited to 1%. Based on the estimated assessed value of the City, this means the City has the option of increasing the levy by $21,146,952.
However, the Council’s adopted Financial Policies establish that as long as the General Fund Reserves are within the set reserve target (4-months), the City will not increase its property tax levy.
As a result, a zero percent (0%) increase over the 2024 amount, plus revenue from new construction and prior year refunds, has been applied to the 2025-2026 Biennial Budget.
Historical view of levy rates.
Because these calculations have been done based on an estimate of the City’s assessed valuation, the actual levy amount will be determined when the King County Assessor certifies the City’s total assessed value in December.
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