State law limits annual library levy revenue increases.1
To stay within the annual limit, Sno-Isle Libraries' operations levy rate goes up or down as property values change, but the rate can never exceed 50 cents per $1,000 of assessed property value.
This means that a rise in property values does not reflect an equal rise in library funding.
1 Library levy funding increases are capped at 1 percent a year. The assessed value of new construction is then added to this funding base in accordance with the law.
Levy rate history
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In 2018, the rate is 37.9 cents ($0.379) for each $1,000 of assessed property value.
According to state law, the Sno-Isle Libraries library operations levy rate cannot be more than 50 cents ($0.50) for each $1,000 of assessed property value.
While property-tax funding is relatively stable, it does not keep pace with rising costs of doing business. State law restricts revenue increases from the levy to not more than 1 percent a year.
To keep annual revenue increases at or below 1 percent, the levy rate adjusts every year, primarily based on assessed property values within the library district. Generally, when property values increase in Snohomish and Island counties, the general library levy rate goes down. When property values decrease, the levy rate can increase, but not above the legal limit of 50 cents ($0.50) for each $1,000 of assessed property value.
Assessed property value is determined by the assessor's offices in each county and on a total county-wide level, not by a specific community or individual property values.