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Deputy city manager briefs council on Pasco property and sales tax mechanics, banked capacity and revenue drivers
Summary
Deputy City Manager Sigdell explained how Pasco's ad valorem property-tax limits, 'banked capacity' and assessed valuation growth affect the city's tax rate and reviewed sales-tax revenue composition (retail trade and construction major contributors).
Deputy City Manager Sigdell provided a primer to the council on property and sales tax mechanics at the Sept. 23 workshop, explaining the 1% ad valorem levy-lid limit in Washington state, the concept of banked capacity and how rapid post-2001 growth affects Pasco’s effective tax rate.
Sigdell said the city cannot increase property taxes by more than 1% in a given year under state rules except where voters have approved additional levies or bonds, and that an inflation index…
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