The Mountlake Terrace City Council will review the proposed 2013 property tax ordinance at their Thursday, Nov. 1, work/study session as part of the 2013-2014 biennial budget process. The work session will be followed by public hearings on the proposed budget and the property tax ordinance on Monday, Nov. 5. Each meeting begins at 7 p.m. in the Interim City Council Chambers at 6100-219th St. S.W., Suite 220.
City officials are proposing a 1 percent increase, the maximum allowed, in the city’s property tax for 2013. They note that due to the overall decrease of property values in Mountlake Terrace, homeowners will likely see a slight decrease in their property tax bill even with an increase in the tax rate.
Officials use the example of an average Mountlake Terrace home that had an assessed value of $204,500 in 2012 but a $189,457 assessed value for 2013. Under the proposal, the city’s portion of the home’s property tax would fall from $464 to $463 even with the proposed property tax increase.
Final council votes on the 2013 property tax ordinance and the 2013-2014 proposed biennial budget are scheduled for Nov. 19.