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Staff Report by: Brian Carlson Budget and Finance Director Topic: 2024 Property Tax Levy Meeting BOCC Public Hearing December 5, 2023 Summary: • This public hearing is an annual statutory requirement to set and certify the levy for real property • Formal action is pending for six resolutions; two each for General, Road, and Flood Control District Funds o One set of resolutions certifies the three levies o A second set authorizes the maximum 1% levy increase • The Assessor’s Certification for all other taxing districts in Kittitas County is included for reference Background: • Each year the County Assessor calculates the mill levies for the three funds budgeted by the County BOCC and receiving property tax: 1. General Fund 2. County Road Fund 3. Flood Control District • Calculations for pre-existing property assessments are limited to a 1% annual dollar increase from the prior year’s levy • Additional increases are permitted for new and/or improved properties, which are incorporated into the following year’s “baseline” for purposes of calculating subsequent maximum increases. Analysis: • The County sets its levy on a “budget basis”, i.e. the levy is set to the lesser of the pending expense budget or the statutory maximum levy, which is effectively 1% over the prior year’s levy • Property assessments AND county budgets have increased beyond 1% annually, and so the de facto policy is to set the levy to the maximum. • If property values increase more than 1% annually, the mill levy FALLS over time, as 1% is an annual increase- limit. Conclusion / Next Steps: • Approve Six Resolutions: o 2024 tax levy for General, County Road and Flood Control District Funds o 2024 Certification of same • Other Attachments for Reference: o 2024 Property Tax Levy Slide Presentation o 2024 Levy Calculations (3) o Assessor’s Certification of Assessed Values to the Taxing Districts, 2023 for 2024 Page 1 of 21