The port commissioners approved a 2015 budget that reduces the tax rate but keeps stable the total amount raised from King County property owners.
By Coral Garnick, November 24, 2014, Seattle Times
Port of Seattle commissioners approved the port’s 2015 budget Tuesday, reducing the tax rate but keeping stable the total amount raised from King County property owners.
The approved budget holds the tax levy steady at $73 million, but strong increases in property values meant the commission could reduce the tax rate from roughly 22 cents to 19 cents per $1,000 of assessed value. That’s about $76 for a $400,000 home.
The port’s operating revenue is budgeted at $551.8 million, a 2.7 percent increase from 2014. The majority of the revenue comes from the aviation division, expected to bring in $427.2 million.
The port’s capital budget is $373.8 million for 2015 and includes improvements to the North Satellite terminal at Sea-Tac as well as a new international arrivals facility. At the seaport, terminals 5 and 46 will be modernized to be big-ship ready.