After a brief public hearing on the matter on Sept. 10, the Bellevue City Council heard a first reading on the proposed property tax rate for the fiscal year 2025-26.
The rate, .364 per $100 of assessed valuation of real property (real estate), represents the compensating rate plus the 4% increase, the maximum allowed by the state to help cover inflationary costs. The rate for personal property will be set at .860 per $100 of valuation.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
Council is expected to vote on a second and final reading of the tax rate at their Oct. 8 council meeting.