769 Raise 2003 Tax RevenuesCITY OF YELM
ORDINANCE NO. 769
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 2003.
WHEREAS, the City of Yelm conducted a duly advertised public hearing on
Wednesday, November 13, 2002 to consider a possible increase in property tax revenue for
the period of January 1 through December 31, 2003; 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 new construction number and the increased 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, 2003, and ending December 31,
2003, the Yelm City Council hereby establishes that the limit factor of the regular levy shall
be a 1.00% increase over the highest amount of regular property taxes that could have been
lawfully levied in the city in any year since 1985, exclusive of new construction and
improvements to property. Said 2003 levy is estimated to generate approximately $682,663
in total property tax revenue, which includes the preliminary new construction and
improvements to property, but does not include any increase in the value of state assessed
property. 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 2. The 2003 property tax amount of $682,663 was established by the Yelm City
Council prior to finalization of the tax rolls from the Thurston County Assessor. The city has
established the 2003 tax rate at the citizen mandated 1.00% level, which yields an additional
$6,332 in revenue. This increase is in addition to increases resulting from the addition of new
construction and improvements to property and any increase in the value of state assessed
property.
Section 3. This ordinance shall become effective five days following passage, approval
and publication as provided by law.
ADOPTE~ this 13th day of November, 2002.
Adam Rivas, Mayor
Attest: r .~%.~~~~ ~ .. c-~G~~, ~' ~.
Ag P. Bennick, City Clerk
PUBLISHED: Nisqually Valley News, November 22, 2002
City of Yelm Ordinance 769
ab/legal/2002