Port tax levy to increase, though what a homeowner pays may not

The Port of Seattle's tax levy would increase 11 percent next year, from $76 million to $84 million, under a preliminary budget approved by Port commissioners Tuesday night.

But many King County property owners would actually pay less in Port taxes next year. The owner of a $400,000 home would pay about $87.44 next year in Port property taxes compared to $90 this year.

The Port's tax rate would decrease under the plan from 22.5 cents to 21.9 cents per $1,000 of assessed value. The overall levy would go up, though, because of increased property values countywide. "This year's fallen values won't really show up til next year," Commissioner Bill Bryant said.

Commissioners, who unanimously approved a new levy Tuesday, are scheduled to take a final budget vote Nov. 25. It's possible they might reduce the overall levy in a final vote, Bryant said, but that would be "very difficult" because of the Port's planned investment in an Eastside rail corridor, which would use about $10 million in levy funds next year.

While the Port's proposed levy rate next year would be roughly the same as 10 years ago, the Port's property-tax levy would increase from $36 million to $84 million in that time.

Port officials expect a decline in some areas of business next year. They project a 4 percent drop in cruise-ship passengers, a 10 percent reduction in seaport containers, and a 3 percent decrease in airplane passengers. But the number of Port employees would slightly increase from 1,784 full-time positions this year to 1,791 next year.

Bob Young: 206-464-2174 or byoung@seattletimes.com