PORT ANGELES — The Port of Port Angeles’ property tax rate will fall by more than 10 percent next year because of an estimated $150 million in new construction in the county.
The estimated decline from 19.56 cents per $1,000 of assessed valuation to 17.14 cents will reduce the Port’s portion of the property tax bill from $29.34 to $25.71 for the owner of a $150,000 home.
A public hearing on the Port’s 2007 property tax levy is set before the three-member Board of Port Commissioners for 10 a.m. Nov. 13 at its headquarters, 338 W. First St.
In an accompanying move, the tentative budget schedule calls for adoption of the Port’s 2007 budget following a Nov. 27 public hearing.
The 2007 property tax levy includes the 2006 collections of $1.18 million, plus the 1 percent increase of $11,842 allowed by Initiative 747, said Finance Director Bill James.
I-747, approved by the voters in November 2001, allows property tax collections to increase only 1 percent a year, plus new construction, unless a majority of the voters approve a higher increase in an election.
New construction
The levy also includes $29,343 in additional property taxes from the estimated $150 million in new construction through Clallam County, which is the Port’s taxing area, James said.
The 2007 property tax levy will be used entirely for debt service to pay a $1.15 million balloon payment as part of a February 2002 debt refinancing.
