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Vote to take place on November 27 for 22% property tax increase for Lynnwood residents

LYNNWOOD, Wash., November 26, 2023—The Lynnwood City Council will be voting on a 22% property tax hike at its Business Meeting on Monday, November 27, 2023, along with voting on an ordinance to upzone to allow for larger “multifamily housing” units in the city. The meeting will be held at 6:00 pm in Council Chambers and remotely on Zoom at https://lynnwoodwa.zoom.us/j/81292681086.

The Lynnwood City Council passed its 2023-2024 biennium budget during its December 12, 2022, Business Meeting.  For the fiscal year beginning January 1, 2023, the City of Lynnwood assessed a regular property tax levy of $4,500,000 (or $0.43 per $1,000 or assessed value). However, the adopted budget has for fiscal year 2024, a property tax dollar amount increase over the 2023 levy amount equating to $1,000,000 or 22.23 percent (22.23%) from the previous year. The proposed 2024 property tax levy amount is $0.53 per $1,000 of assessed value.

The total valuation of all real property in the City of Lynnwood is $10.4 billion for 2023 according to the Finance Director Michelle Meyer. The preliminary 2024 assessed valuation is $10.5 billion. The median assessed value of a home in Lynnwood is $462,200. Therefore, the proposed $0.53 per $1,000 of assessed value would equate to a $244.97, or an increase of $44.55 when compared to the 2023 rate. To view related documents, click here.

Washington state law requires cities that impose a property tax to certify their levy for the subsequent year by November 30. A public hearing is scheduled for November 20, 2023, for public feedback on the proposed property tax levy increase. The council is scheduled to vote on the 2024 property tax levy rate on Monday, November 27, 2023.

SOURCE: City of Lynnwood

The approved property tax rate by the council will take effect on January 1, 2024.

2023 Comprehensive Plan Amendment (HASCO) for the Timberglen and Pinewood Properties

This item is Phase III of the Annual Comprehensive Plan Amendment process and is the final step to consider approving or denying the applications. The Council will vote on upzoning to allow for larger “multifamily housing” units in the city. 

This amendment was initialized after an application from the Housing Authority of Snohomish County (HASCO) regarding the Timberglen and Pinewood apartments on 5710 and 5714 200th Street SW. HASCO is seeking to rebuild the aging properties with additional units; however, the current code only allows for “medium-density housing” and the scope of their redevelopment requires “high-density housing.”

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