skip to main content

Office of Economic and Financial Analysis

ADDRESS
Office of Economic and Financial Analysis
500 Fourth Ave, Room 540
Seattle WA, 98104

MAILSTOP
MS-ADM-0540

PHONE
Tel:  206-477-3412

PUBLIC RECORDS REQUESTS
Anne Noris, Clerk of Council
200 King County Courthouse
516 Third Avenue, Seattle, WA 98104
206-296-0364
anne.noris@kingcounty.gov

*Washington Healthplanfinder*
gives individuals, families, and small businesses information and enrollment assistance to access affordable health care coverage.

banner7

The March 2014 Economic and Revenue Forecast
  March 13, 2014

 

____________________________________________________________________________________________________________________________________

 Aug2013_red               Aug2013_green               July2013_orange               2013_prelim_purple_icon

____________________________________________________________________________________________________________________________________ 

Click links for a discussion of major forecasts

Sales Tax

 Aug2013_gf_chart_small     Aug2013_cfs_chart_small     Aug2013_metro_chart_small     Aug2013_cj_chart_small

The Great Recession and an anemic recovery have taken a major toll on the county's second largest tax revenue source. The retail sales tax in King County is currently 9.5%, however the bulk of this revenue is taken by the state and our regional transit authority (Sound Transit). The remaining portions King County receives go on to fund metro transit, criminal justice programs, mental health programs, children and family service programs and general government operations. Click here for a visual representation of the breakdown.

____________________________________________________________________________________________________________________________________

Assessed Value

 Aug2013_av_chart_small       Aug2013_nc_chart_small        Aug2013_roadsav_chart_small        Aug2013_nc_chart_small

After years of record growth during the housing bubble, the county's assessed value declined for years. 2014 marks the first year countywide has grown since 2009. A frequently asked question is "if assessments are falling, shouldn't my property taxes fall too?" The King County Assessor's website has a great FAQ for that and similar questions.

___________________________________________________________________________________________________________________________________ 

Inflation

 Aug2013_uscpiw_chart_small        Aug2013_seacpiw_chart_small        Aug2013_transcpi_chart_small        Aug2013_pharma_chart_small

Inflation can be a confusing topic because it can measured in a number of ways. Since 2009 we've experienced relatively low annual inflation in most broad indexes which has some benefits and other drawbacks. One benefit is that labor and operating costs can be lessened with lower inflation. Inflation policy makers target for an annual inflation rate of around 2%.

____________________________________________________________________________________________________________________________________

Real Estate Excise Tax

  Aug2013_reet_chart_small

In unincorporated areas, the county levies two identical 0.25% excise taxes on all real estate transactions that go on to fund capital improvements and parks. A collapse of the housing market has drastically lowered REET collections as both demand and prices have fallen precipitously. Also, as more annexations occur in unincorporated King County, REET revenues will be pushed down further.