It is difficult to project exactly how an individual property owner’s property taxes will be impacted given the various taxing districts and levy rates within the City of Snohomish.
Here’s what we do know. In an annual report released by the Washington State Department of Commerce, 20 cities across the state issued MFTE certificates in 2021. The total exemption for one year ranged from $13,000 to $2.6M per city, with the average exemption being $823,382. Based on information provided by the Snohomish County Assessor’s Office, city staff calculates that for every $1 million of exemptions approved, the average valued home in Snohomish ($468,700 in 2022) would see an estimated increase of 50 cents per year on the property tax bill. As a reminder, the MFTE only applies for the 8 or 12 years authorized per development.