SEATTLE — Seattle homeowners could pay hundreds more a year in property taxes if voters pass the 2023 Housing Levy.
The levy would replace the 2016 levy which expires at the end of the year. The new levy proposes several changes, but the one most likely to have the largest effect on voters in Seattle is a proposed increase in property taxes.
The increase would allow for property taxes to be increased for a maximum of seven years to provide housing for low-income individuals and families, under the Revised Code of Washington 84.55.
If the taxes are raised, the average homeowner in Seattle would pay an additional $383 a year, or $32 a month, on a home with an assessed value of $855,136, according to the Office of Seattle City Council.
The housing levy is currently estimated to create $138.6 million a year in funding if passed, bringing the seven-year total budget to $970 million. That funding will be divided up into different projects, focusing on different aspects of low-income housing, including affordable rental housing, rent supplementing and wage stabilization.
City analysts predict the levy would help build over 3,100 new housing units and help provide assistance for over 9,500 households.
The legislation was approved by the City Council Tuesday and was signed by Seattle City Mayor Bruce Harrell later that afternoon. Now it will make its way to voters.
Voters will have the chance to approve the housing levy in the fall, when it appears on the Nov. 7 ballot. If approved, the levy would take effect in 2024.