Taxes collected are based on the assessed property value, which is determined by the Assessor’s Offices in King and Snohomish counties, based on the location of the property. The sale price of a home or property is not what determines how much is paid in property taxes. While assessed values have increased over time, they have not increased at the same rate as home sale prices.
The taxes collected for school levies and bonds are spread across the entire tax base of the Northshore School District. In our district, as more construction projects continue to be completed, the taxes will be spread across that growing base of property owners, which includes both homes and businesses. Voters approve a total dollar amount for each ballot measure, and that total amount does not change as the tax base grows. The result is that the tax rates are likely to decrease from what is projected in the District’s current estimates because there will be more property owners paying taxes. As we like to put it, the size of the pie does not change, but each property owner’s slice of the pie is likely to get smaller as more taxpayers take a slice.