Port Taxes
2023 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 $550,000 home in 2023 is $101.45 reduced from $121.08 in 2022.
Millage rate: The levy rate fell slightly to just less than 19 cents per assessed $1,000 home value (down from 22 cents in 2022)
Total tax collection: The Port’s 2023 budget assumes a property tax levy amount of $5.4 million, which equates to about 8% of the Port’s total budget and is a 1% increase from 2022.
How are the taxes used? Port taxes are ONLY used to fund environmental remediation, public access and debt service.
How are the taxes not used? Port taxes are NOT used to cover operating costs, including salaries and benefits.
What do I get in return? Port District residents benefit from 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
