Levy Lid Lift Calculations:
6% Compound Growth
Without the measure, Kenmore’s regular levy can grow only ~1% a year from existing properties.
If Prop 1 passes, the city can take a one-time rate jump in 2027, and then grow that levy by up to 6% per year through 2032, after which:
The higher 2032 amount becomes the new permanent base for the usual 1% rule.
The Levy rate is based on assessed values. As our property values decline in a soft market, the property tax levy rate will be higher to the maximum of 6%.