How much will my property taxes go up if the levy lid lift passes?

There are many variables to how each property owner's property taxes are calculated. Property taxes are a compilation of levies assessed by the state, county, fire district, school district, and other agencies.  Each levy rate may fluctuate from year-to-year along with property valuations, so it is not possible to accurately project precise property taxes in 2025 and beyond.

In 2024, most Gig Harbor residents paid a property tax rate of $8.47 per $1,000 in assessed value. If approved, the levy lid lift would add an additional $0.40 per $1,000 to the rate levied by the city for a combined rate of $8.87 per $1,000 in assessed value. Some properties annexed into the city after 2004 also pay a $0.58 per $1,000 tax to PenMet Parks.

In 2024, a $750,000 home would have paid $6,352.50 total property tax bill. With the levy lid lift in place the taxes owed would have been $6,652.50. On a property assessed at $750,000, taxpayers would have seen an increase of $300 annually over their 2024 tax payment. In 2024, your total property tax bill would have been 4.7% higher had the levy lid lift been in place.

Show All Answers

1. What is a levy lid lift?
2. How much will my property taxes go up if the levy lid lift passes?
3. How is money from property taxes used?
4. What led to this budget shortfall?
5. What has changed in the past ten years?
6. What efficiencies has the city implemented to cut costs?
7. What will happen if this levy lid lift is not approved?
8. How much revenue will the proposed levy lid lift generate?
9. Who pays the property taxes?
10. The city council just gave an additional $2 million for the Sports Complex project? How is this possible with the projected revenue shortfall?
11. The levy lid lift would raise the property tax rate to $1.10 per $1,000 in assessed value. Why am I paying more than $8.00 per $1,000?
12. Which budgeted staff positions has the city "frozen" in 2023?
13. The levy lid lift is proposing to raise the city's property tax rate 60% from $.70 per $1,000 to $1.10 per $1,000. Will my property tax bill go up 60%?
14. Are there reserve funds available to help address the budget shortfall?
15. If approved, what new services will the levy lid lift provide?
16. Can the budget shortfall be funded with aditional sales taxes instead of property taxes?
17. Why was my property tax rate reduced from $1.40 per $1,000 in 2014 to only $0.70 in 2024?