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Trustee Support Resources

Definitions Pertaining to Funding

Property taxes (RCW 84.04)

“Assessed value of property”
“… the aggregate valuation of the property subject to taxation by any taxing district as placed on the last completed and balanced tax rolls of the county preceding the date of any tax levy.”
Note: RCW 84.04.020 clarifies this, stating “The terms ‘assessed valuation of taxable property’, ‘valuation of taxable property’, ‘value of taxable property’, ‘taxable value of property’, ‘property assessed’ and ‘value’ whenever used in any statute, law, charter or ordinance with relation to the levy of taxes in any taxing district, shall be held and construed to mean ‘assessed value of property’ as defined in RCW 84.04.030.
“Assessment year,” “Fiscal Year”
“… shall commence on January 1st and end on December 31st in each year.”
“Legal description”
“… for property tax purposes, the parcel number is sufficient for the legal description.”
“Levy rate”
The amount of property tax revenue a library district can raise each year (i.e., its property tax levy) is its level rate (its tax rate per $1,000 of assessed valuation) times its taxable assessed valuation. Note: Limitations, such as those imposed by RCW 84.52.050 may affect this rate.
“Library district”
A library district is defined as a junior taxing district, included among “… all taxing districts other than the state, counties, road districts, cities, towns, port districts, and public utility districts” as defined by RCW 84.52.043(2), and, as such, is empowered to levy a tax against property specifically for the purpose of supporting the library. See also “Special purpose districts.”
“Regular property taxes,” “regular property tax levies”
“… a property tax levy by or for a taxing district which levy is subject to the aggregate limitation set forth in RCW 84.52.043 and RCW 84.52.050, as now or hereafter amended, or which is imposed by or for a port district or a public utility district.”
“Taxing district”
“… shall be held and construed to mean and include the state and any county, city, town, port district, school district, road district, metropolitan park district, water-sewer district or other municipal corporation, now or hereafter existing, having the power or authorized by law to impose burdens upon property within the district in proportion to the value thereof, for the purpose of obtaining revenue for public purposes, as distinguished from municipal corporations authorized to impose burdens, or for which burdens may be imposed, for such purposes, upon property in proportion to the benefits accruing thereto. RCW 84.04.120.