How much will you save in 2019?
See how the November 2017 school bond and new state legislation (the "levy swap") will impact your property taxes.
* Future values are unofficial projections.
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Why do my taxes go down so much in 2019?
Earlier this year, the Washington State Legislature passed EHB 2242 (the "levy swap"), which goes into effect in 2019. Currently, areas in the state with higher property values (e.g. Seattle) have lower levy rates, while areas with lower property values (e.g. Pasco) have higher levy rates. The purpose of the levy swap is to equalize the levy rates across the state. For Franklin County, this results in significantly lower levy rates starting in 2019.
Why do my taxes go up in 2018?
Tax rates in Franklin County (including school bond and levy rates) have been gradually decreasing over the past several years as property values rise. Although tax rates will continue to decrease in 2018, property values have risen so dramatically that some homeowners will experience an increase in taxes owed in 2018.
How are these projections calculated?
- Assessed values for 2017 and 2018 are provided by the Franklin County Assessor's Office website.
- Assessed values for 2019 are projected assuming 5% annual growth.
- Bond rates for the November 2017 school bond are projected assuming a rate of $0.59 in 2018 and $0.56 in 2019.
- Levy rates are based on projections from the tax impact analysis of EHB 2242 prepared jointly by the Office of the Superintendent of Public Instruction and the Department of Revenue.
- All other taxes for 2018 and 2019 are projected using a linear regression of 2015, 2016, and 2017 tax rates.