Mayor Ed Murray doesn’t think city leaders are doing enough to slow economic growth in Seattle, so now he wants to raise taxes on homeowners by doubling the local housing levy.
Currently, the local housing levy is $145 million. Murray wants to raise the levy to $290 million for 7 years. It would cost a Seattle homeowner (with a median home value of $480,000) about $122 in taxes per year. Via MyNorthwest.com:
“The proposal claims the $290 million will produce and preserve 2,150 low-income apartments for 50 years. It will also contribute tenant-paid rent in 510 apartments for low-income residents. It also states that 4,500 families facing immediate risk of eviction will be provided rental assistance. Murray also wants to use the levy to help 180 first-time homebuyers to purchase affordable homes.”
Seattle faces a budget problem (not surprising given the economic “experts” running the city). So, Seattle officials propose another tax increase to solve that problem. Meanwhile, they have no qualms over spending $1.4 million on a failed bike-share company.
Given the circumstances, one has to wonder whether or not Seattle really needs to double the local housing levy. We’re leaning toward a definite “no” on that one.
