Proposed Ordinance No. 6664 establishes the 2018 Property Tax Levy based upon preliminary information from King County. It represents an increase over the 2017 levy of $209,894 plus the increase due to new construction and refund levy. King County will not finalize the City’s assessed valuation (AV), new construction, and refund levies until December. Therefore, the levy is based upon preliminary information as it is scheduled for Council adoption on November 20, 2017. The following table summarizes the 2018 Property Tax levy:
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Table 1. 2018 Property Tax Levy Calculations
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2017 property tax levy
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$ 20,989,379
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1.000% increase
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209,894
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Estimated new construction
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329,502
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Estimated refund levy
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19,654
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Total Estimated property tax levy
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$ 21,548,429
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As of this date the County has preliminarily established the 2018 assessed valuation (including estimated new construction) for the City of Auburn at $10.551 billion which is a 10.4% increase over the 2017 level of $9.555 billion. The total 2018 Property Tax Levy will be distributed to the General Fund to support general governmental operations. |