Here’s a quick breakdown at what these new taxes look like around the area:
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What These Taxes Fund
About half of the property tax bill is the result of local, voter-approved measures. Property tax revenues collected will go toward fire protection levies in Maple Valley , the renewal of the veterans, seniors and Human Services levy in King County, and school bonds for Shoreline and Federal Way. Even more levies were approved in last week’s election, including three for Bellevue schools.
In total, about 57 percent of property tax revenues will go toward schools. These local increases have combined with the budget passed by the state legislature to fully fund basic education. That funding formula — roughly an extra $1.01 for every $1,000 in assessed property value — hits our metro Puget Sound region particularly hard, where home values are drastically higher.
Federal Tax Changes to Know
Taking a broader look, there are several changes on the federal side that might also impact you:
• A Decrease in the Mortgage Interest Deduction Cap from $1,000,000 at $750,000
• A Cap on State and Local Property Tax Deductions at $10,000 per return.
• Moving Expenses Deduction Repealed (Military Moves Exempted)
• Casualty Loss Deduction Repealed.
For more information on the recent tax changes click here.