Passage of Proposition No. 1 would authorize the Vashon Island School District to replace an existing levy that will expire at the end of calendar year 2010. The proposed four-year replacement levy would authorize collection of taxes to provide $3,670,000 in 2011, $3,722,000 in 2012, $3,860,000 in 2013 and $4,083,000 in 2014. The tax levy rate required to produce these levy amount is estimated to be $1.41 per $1,000 of assessed value in 2011, $1.43 per $1,000 of assessed value in 2012, $1.45 per $1,000 of assessed value in 2013, and $1.49 per $1,000 of assessed value in 2014. The tax rate of approximately $1.41 per $1,000 of assessed value projected for the first year of collection in 2011 would equate to $705.00 per year (or $58.75 per month) for a $500,000 home.
Taxes collected by this levy will be deposited in the District’s General Fund to support the District’s strategic goals and help pay for necessary educational programs and operations that are not fully funded by the State, including staff salaries, instructional programs, special education, transportation, curriculum, professional development, custodial and minor facility repairs.
Exemptions from taxes may be available to homeowners who are 61 or older, or disabled, and who meet certain income requirements. For more information, call the King County Department of Assessments at 206.296.3920.
