Port Taxes
2022 Property Tax Levy
Under state statute, ports are special-purpose districts tasked with economic development. While ports are a taxing authority, they are run and funded quite differently than a general-purpose government (like a city or county) that is funded almost solely by tax revenue. The Port’s tax assessment is the second-lowest in Snohomish County and is dedicated exclusively to public access, environmental remediation, and/or debt service.
Port portion of tax bill: Total estimated annual Port tax for a $450,000 home in 2021 is $102.15. In 2022, it is projected to be $98.10.
Millage rate: 21.8 cents per assessed $1,000
Total tax collection: $5.2 million (6.5% of budget)
How are the taxes used? Environmental restoration, public access and debt service
How are the taxes not used? Any operating costs, including salaries and benefits
What do I get in return? Necessary infrastructure to support nearly 40,000 jobs (82% in Snohomish County); and $433 million in state and local taxes that help fund schools, public safety, and social services. This funding allows the Port to take an active role in restoring the contaminated property and creating waterfront access.
About Leasehold Excise Tax
DID YOU KNOW?
- The Port of Everett, its customers and tenants pay a 12.84% Leasehold Excise Tax (LET) in lieu of property tax
- For every $1 of Leasehold Excise Tax collected, the state receives .53, the City of Everett receives .31 and Snohomish County receives .16
- The Port remits the tax collected to the state, who distributes to the correct jurisdictions
- In 2020, the Port collected approximately $1.35M in Leasehold Excise Tax for distribution to the jurisdictions
- The Port’s economic development activities generate high value for our city, county and state via jobs, revenues, income, taxes
