Seattle Port’s 2024 budget set to increase property tax revenue by $4M

(The Center Square) – Port of Seattle Executive Director Stephen P. Metruck’s preliminary 2024 budget seeks to utilize a 4.8% increase in property tax levy dollars to go toward capital projects, local programs and environmental improvements.

Metruck’s budget sets anticipated property tax revenue at $86.7 million for next year. The current year is expected to rake in $82.7 million from King County property owners.

Median King County homeowners paid approximately $80 to the Seattle Port in 2023. For next year, the estimated levy rate is set at 10.6 cents per $1,000 in assessed value. According to Redfin’s median home sale of $800,000 for King County, the average homeowner is expected to pay about $85 next year.

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According to a press release from the Port of Seattle, out of the $86.7 million in property tax revenue, $62 million will go toward the port’s capital projects in maritime industries and Seattle’s waterfront.

Maritime capital projects include the $32.6 million replacement of the Fishermen’s Terminal and improvements to the Northwest Seaport Alliance’s container terminal.

The Seattle Port will also utilize $12 million in 2024 property tax revenue for the support of community programs. This includes the port’s South King County Community Impact Fund, which provides resources and support in historically underserved near-airport communities.

Funding will also go toward workforce development efforts at the Airport Employment Center and the Youth Career Launch.

The Port of Seattle’s environmental cleanup efforts are set to receive $6.1 million as well.

Out of the collective property taxes collected in King County, the Port of Seattle received 1.2% of revenue in 2023.

In total, the Seattle Port’s preliminary 2024 budget includes total operating revenue set at $1 billion, which is $77 million more than the 2023 budget. Total operating expenses for 2024 is set at a total of $623.5 million, which is $50.1 million more than the 2023 budget.

Notably, the preliminary budget states that forecasts show 2024 “should be the strongest year ever in the history of airport and cruise passenger volumes.” However, the port notes economic factors such as persistent inflation and global conflict pose risks to progress.