It has been confirmed that November’s election, PenMet Parks will seek voter approval to extend a levy lid lift that has been in effect for six years.
This renewal would enable the parks to collect property taxes at a rate exceeding the state limit of 1%, potentially rising by up to 6% compared to the previous year.
Residents voted in 2004 to establish the district and committed to paying 75 cents for every $1,000 of assessed property value to support its funding. As property values increased over time, the 75 cents rate had to be lowered to ensure compliance with the state's 1% limit.
In 2017, PenMet sought voter approval to reinstate the 75 cents rate and increase the cap to allow a 6% annual increment compared to the previous year, for a duration of six years. With a 54% majority, the voters approved the measure. The initial levy lid lift is set to expire this year.
Despite the increase in the limit to 6%, the increasing property values can still diminish the tax rate. In the current year, PenMet was only able to impose a rate of 58 cents. To restore it to 75 cents, as proposed by the district, an average homeowner in Gig Harbor with a property valued at $865,753 would incur an additional annual cost of $148. The proposed increase of 17 cents would represent the additional cost compared to the current year. The total PenMet tax for an average homeowner would amount to $649 should the levy lid be lifted.
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