During a recent government meeting, officials discussed the upcoming 2024 tax levy and potential options for tax abatement, with a focus on maintaining the district's low tax rate. Elizabeth Hennessy, a bond advisor from Raymond James, presented various scenarios for the tax levy, emphasizing the importance of abatement resolutions related to the district's outstanding alternate revenue bonds.

The district has a history of successfully implementing abatement resolutions, having reduced tax levies by over $6 million in the past decade. For the 2024 tax levy, the King County Clerk estimates a 14.46% increase in the Equalized Assessed Value (EAV), although past estimates have proven to be overly optimistic. The current Consumer Price Index (CPI) stands at 3.4%, down from previous years, which will influence the maximum allowable levy increase.

Three options for the tax levy were presented:

1. **Full Levy with No Abatement**: This would capture the maximum increase allowed, resulting in a projected increase of $60.32 for homeowners with a property valued at $341,000.

2. **Partial Abatement of $350,000**: This option would reduce the homeowner's increase to approximately $30.99.

3. **Higher Abatement of $712,000**: This would keep the tax increase minimal, at just 65 cents for homeowners.

The board members expressed a preference for the third option, which aims to support taxpayers while maintaining the district's financial health. Concerns were raised regarding the affordability of new projects, such as a vocational center and a recreation center, but assurances were given that these initiatives are funded through grants and bonds, minimizing their impact on the district's budget.

Overall, the meeting highlighted the district's commitment to keeping tax rates low while navigating the complexities of property value assessments and economic conditions. The board is set to vote on the proposed levy on November 4th, with a clear inclination towards supporting taxpayers through strategic abatement measures.