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Council’s public hearing tonight: An ad valorem tax


Public Safety Building housing Council Chambers, Yelm

This annual Yelm City Council Public Hearing usually elicits ZERO pubic comments and is approved annually.

“As Ad Valorem for the regular levy of property tax necessary to raise revenues for essential expenditures for the City of Yelm for the [coming] fiscal year.”

From the City of Yelm Staff Report on the ad valorem tax:
Background
The phrase ad valorem is Latin for “according to value”. In the case of municipal property taxes, property owners have their property assessed on a periodic basis by a public tax assessor. The assessed value of the property is then used to compute an annual tax, which is levied on the owner by his or her municipality.
The legislative body must hold a public hearing on revenue sources for the General Fund budget and discuss any increases in property tax revenues that are being considered. The public hearing and the vote on the property tax ordinance may be done at the same meeting.

Posted by Steve on November 12, 2014 at 6:42 am | Permalink

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