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Property valuations mean another decline in tax revenue on Vashon
The King County Assessor’s Office released its latest figures for the region’s combined property values, numbers that suggest the Vashon Park District will see another decline in revenue next year.
According to the latest numbers, Vashon’s taxable value — the assessed worth of all of the Island’s houses, businesses and land — fell 11.8 percent last year, a number that will lead to less revenue for the park district next year, when taxes are levied against that value.
Other taxing districts on Vashon won’t necessarily see a decline in revenue because of the decline in taxable value. The Vashon Island School District, for instance, does not have a fixed levy rate, so the tax rate will be raised or lowered to assure a set amount of revenue comes in.
But the park district, because it’s considered a “junior taxing district,” has a set levy rate; it can’t go above 50 cents per $1,000 of assessed value, even if that means less revenue.
As a result, said Hazel Gantz, a levy specialist with the county, the park district “is going to get less money.” The lower values are consistent throughout the county, she added. Only a the wealthiest pockets of the region did not see a decline in value, she said.