In conjunction, they are going to revamp the waterfront. Fine. Whatever. It's pretty much for tourists only and I don't care. Except. They want those of us who live near here to pay for it. The city wants to make a LID - Local Improvement District of the properties and charge us for the privilege of inviting still more tourists to our neighborhood.
My piece of this stupid rock is projected to be $3,603 every fucking year. In addition to my real estate taxes of $5K. Thankgod I don't have a mortgage.
There is a movement afoot to tell the city to go fuck itself. I sure hope it works.
Here's the breakdown for my individual condo from the city's website:
SPECIAL BENEFIT AND PRELIMINARY ASSESSMENT
Special benefit?: $7,464
Preliminary assessment percentage*?:48.27%
*Percentage is uniform for all properties
Preliminary assessment (special benefit x assessment percentage)?: $3,603
Market value without Waterfront improvements?: $497,600
Market value with Waterfront improvements?: $505,064
The difference in market value equals your special benefit number above.
Special benefit as a percentage of market value?: 1.5%
Preliminary assessment as a percentage of market value?: 0.72%
PROPERTY DATA FROM KING COUNTY ASSESSOR
Property name: FLORENTINE CONDOMINIUM
Physical address: 526 1ST AVE S #413 SEATTLE WA 98104
Mailing address: 526 1ST AVE S#413 SEATTLE WA 98104
Taxpayer name: DENNIS SUSAN
Present use: Condominium(Residential)
Building gross square footage: 154,628
Building net square footage: 1,244
Special benefit and preliminary assessment as of: 4/5/2018
King County Assessor data as of: 1/30/2018