818 Fin and Mod Ad ValoremCITY OF YELM
ORDINANCE NO. 818
AN ORDINANCE relating to finance and modifying the amount fixed as the Ad
Valorem for the regular levy of property tax necessary to raise revenues for
essential expenditures for the City of Yelm for the fiscal year 2005.
WHEREAS, the City of Yelm conducted a duly advertised public hearing on
Wednesday, November 10, 2004 to consider a possible increase in property tax revenue for
the period of January 1 through December 31, 2005; and
WHEREAS, the Thurston County Assessor's Office provides the city with new
assessed valuations for new construction and annexations, but was unable to provide the
final number and increase for state assessed values on utilities;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF YELM, STATE OF
WASHINGTON, DOES ORDAIN AS FOLLOWS:
Section 1. For the fiscal year beginning January 1 and ending December 31 of 2005, the
Yelm City Council hereby establishes that the limit factor for the regular levy shall be a 1.00%
increase over the highest regular tax which could have been lawfully levied since the 1985
collection in 1986. This legislative action applying the citizen mandated one percent limitation
to the city's $740,065 highest value yields a $7,401 tax revenue increase for 2005.
Section 2. For the fiscal year beginning January 1 and ending December 31 of 2005, the
Yelm City Council hereby levies the prior year's tax rate of $2.793468937759 per thousand
dollars of assessed valuation to new construction and added improvement values of
$18,448,922, as determined by the Thurston County Assessor, which yields an additional
$51,472 in taxes for New Construction and added Improvement Values.
Section 3. The City of Yelm combined total 2004 levy including a $2,500 estimate for
unknown value increases of State Assessed Utilities is $801,438.
Section 4. The Yelm City Council's expectations of the Thurston County Auditor are that
any additional revenues from increased values of the State Assessed Utilities and any new
construction, not available at this time, will be added after the final rolls are available.
Section 5. This ordinance shall become effective five days following passage, approval
and publicati n as provided by law.
ADOP~'ED is 10th day of November, 2004
m Rivas, Mayor
Authenticated: , / ~~
~~
Agne ' . Bennick, City Clerk
PUBLISHED: Nisqually Valley News, November 19, 2004
City of Yelm Ordinance 818
ab/legal/2004