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On Monday, November 13th Mayor Carlo DeMaria introduced a proposal to the City Council to transfer $12,500,000 from the Community Mitigation Stabilization Fund to reduce the Fiscal Year 2018 tax levy.
On Monday, November 13th Mayor Carlo DeMaria introduced a proposal to the City Council to transfer $12,500,000 from the Community Mitigation Stabilization Fund to reduce the Fiscal Year 2018 tax levy. The City Council voted in favor of the proposal that will save money for the homeowners and business owners of Everett. Below is the letter that was sent to the City Council by the Mayor:
As you know, the city of Everett is undergoing a transformational period of growth and redevelopment. We are experiencing tremendous jumps in property values, at a percentage rate amongst the highest in the state. In particular, I am so pleased that our homeowners are seeing this type of increase in value- for many of us, our home is our primary investment.
At the same time, I am sensitive to the corresponding increase in property tax that comes with an increase in home value. I particularly recognize the need to mitigate the tax burden on homeowners now so that the people of this city, many of whom have lived here for decades and raised families here, can stay in their homes and continue their investment in our neighborhoods and civic life.
This $12,500,000 tax relief proposal will help offset tax bills for both residents and business owners. The upcoming tax rate hearing process will be the appropriate opportunity to discuss the specifics of the rate, and I appreciate the opportunity to introduce this proposal in advance.
This funding is part of the Host Community Agreement with Wynn, and I am pleased that the project will directly benefit residents in this way even before opening. The Wynn resort alone, amongst other developments, will create a large municipal revenue stream when it becomes operational in June 2019, as outlined in our Host Community Agreement. I believe that we are on steady financial ground and can responsibly use this money to offset the tax levy at this time.
Let me be clear: these next two fiscal years represent a transition- a time before major developments come online and bring in truly significant amounts of revenue. We are uniquely positioned as a city to invest those significant new revenues into the components that will make us a tremendous place to live or visit- modernized workforce housing and housing that is affordable for seniors; a cutting-edge transportation system that will facilitate mobility and economic growth; recreational facilities that can be enjoyed by young and old alike to promote community health; and so much more. While future revenues will be dedicated to transformational projects such as these, I understand how important it is to provide a measure of tax relief to our residents and business owners now.
Thank you very much for your consideration. I look forward to continuing to work together to protect the taxpayers of Everett.