Port district surplus property value limit

What is the value limit?

The law allows port districts to adopt a resolution authorizing the port’s managing official to sell and convey certain port district property up to a value limit. The Department of Revenue (department) calculates the value limit in December each year. The legislature established a base value limit for calendar year 2024. (RCW 53.08.090)

How is the value limit calculated?

The department calculates the value limit for the next calendar year by multiplying the current year’s value limit by one plus the percent change of the current consumer price for all urban consumers, all items less food and energy, for the Seattle-Tacoma-Bellevue, WA area (CPI-U) published by December 1. The department rounds the result to the nearest $10.

The most recent CPI-U publication available on December 1 is usually the October publication. For this reason, we calculate the percent change by dividing the October CPI-U of the current year by the October CPI-U of the previous year, subtracting one, and then multiplying by 100. A history of value limits and consumer price indexes used to calculate the value limits follows.

For more information contact:

Kari Kenall
Tax Policy Specialist
Research & Fiscal Analysis
Department of Revenue
karik@dor.wa.gov
(360) 534-1508