Why Assume Indebtedness?
To be sure our area becomes part of Issaquah, we must vote Yes for “Assumption of Indebtedness.” This gives permission for a portion of our property taxes to be used to help pay off the bonds on beneficial projects such as the Police Station, Senior Center and future Traffic Light Synchronization. The owner of a typical single family home in Issaquah (valuation of $350,000) currently pays over $700 less per year in property taxes than a similar home in our neighborhood. This savings is partially offset by Issaquahs 6% utility tax (on electric, natural gas, phone, etc) for a net savings of about $500 a year. Though our utility taxes will increase soon after Annexation, our property taxes will remain at King County levels until 2007 (if annexation occurs on or before 3/1/2006) or 2008 (if annexation occurs after 3/1/2006). The date of annexation will be decided by the City Council. After the transitional period, property owners will enjoy significantly lower overall taxes. Our Assumption
