Understanding the $36.25 per Month Calculation: A Breakdown of the 2024 Capital Levy’s Impact on Your Taxes

As previously communicated, should the upcoming Proposition 1 bond measure pass during the February 11, 2025, special election, here's what to expect. 

Currently, the owner of a $500,000 home is paying a property tax rate of $3.27 per $1,000 of assessed value. With the voter-approved 2024 Capital Levy, this rate increased by $0.87, bringing the new total to $4.14 per $1,000 of assessed property value. This translates to an approximate increase of $36.25 per month for homeowners starting this year. 

To help clarify how this calculation was determined: 

• The 2024 Capital Levy increased the cumulative tax rate from $3.27 to $4.14 per $1,000 of assessed value. 
• The approximate $36.25 per month reflects the tax increase on a $500,000 home. 

We want to ensure you have a clear understanding of these numbers and how they affect you as a homeowner. 

Here's what homeowners can expect based on the outcome of the February 11, 2025, special election for Proposition 1. 
 

• If Proposition 1 passes, the $4.14 rate will remain in place for 21 years without further increases.  
• If Proposition 1 does not pass, the voter-approved $4.14 rate will remain in place for the six-year duration and future bond measures may require tax hikes to meet the same needs. 

Starting in April 2025, the Pierce County Assessor will implement the voter-approved capital levy tax rate of $4.14 per $1,000 of assessed property value.  

As mentioned earlier, the owner of a $500,000 home will continue to pay approximately $36.25 more per month, based on the current rate, supporting essential school infrastructure and improvements—without any increase in taxes. 

Let’s breakdown of the approximate tax increase for a $500,000 home based on the voter-approved levy: 

1. Determine the taxable value in thousands by dividing the home's assessed value by $1,000: 
   $500,000 ÷ $1,000 = 500 

2. Calculate the annual increase in taxes by multiplying the taxable value in thousands by the increase in the tax rate ($0.87): 
   500 × $0.87 = $435 annually 

3. Find the monthly increase by dividing the annual increase in taxes by 12 months: 
   $435 ÷ 12 = $36.25 per month

Homeowners who pay property taxes directly (rather than through a mortgage company) and have not received a statement by March 31 should contact the Pierce County Assessor’s office for assistance. 

Learn more about your property taxes on the Pierce County Assessor’s website at Assessor - Treasurer | Pierce County, WA - Official Website 

Learn how to find your property tax records on County Office's YouTube channel at https://youtu.be/R5VEf36aybg?si=b5NmYcGJMUmUNOF0