Proposition 1 was approved by more than 65% of voters counted in the general election.

The eight-year tax package totals $1.55 billion. The new tax is expected to cost the average Seattle homeowner an additional $530 per year.

The levy authorizes an eight-year collection fee increase beginning in 2025 of about 65 cents per $1,000 in assessed value. However, the ballot measure shows it could go as high as $2.71 per $1,000. This confuses some readers.

Center Square reached out to the city to get this explanation on the ballot measure.

Mariam Ali, press secretary for the Seattle Department of Transportation, explained that the 65-cent toll rate is called the “mill rate.” The mill rate for a given year will increase or decrease based on the total assessed value of all properties in the city, including residential, commercial and industrial.

The assessed value rate of $2.71 per $1,000 that was listed on the ballot measure is the city’s total calculated rate for all existing city taxes, including Proposition 1.

It is important to note that the city cannot increase the total rate above the statutory limit of $3.60 per $1,000 in assessed value.

So how much will Seattle homeowners pay for city services next year? Using Seattle’s median home value, which is currently $850,272. Multiply that by the rate of $2.71 and you get $2.3 million. Divide that by $1,000 and you get $2,304 in property taxes paid to Seattle alone for 2025.

With increased tax revenue from homeowners, SDOT will fund priority transportation needs.

For example, most of the funding generated – totaling $330 million – will go towards road maintenance. According to the city, about 15 major corridors are planned to be paved.

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Another $115 million will go toward improving transit on streets with high-rider bus routes and creating better access to Sound Transit light rail stations. This is expected to help better connect Seattle residents to public transportation.

The third largest allocation of toll funds is $111 million for the construction of at least 350 new sidewalk blocks.