Sound Transit has long used a simple but inflated formula that it inherited from the state Legislature to calculate how much a car is worth, and how much its owner should be taxed. That’s one reason why Sound Transit 3’s car-tab tax increase is leaving some folks with sticker shock, our online news partner The Seattle Times reports.
The higher car-tab tax included in Sound Transit 3 applies to tabs that expire after March 1. Over the first 10 years of a car’s life span, Sound Transit’s formula consistently overvalues a car’s worth compared with Kelley Blue Book values, resulting in higher car-tab fees for owners, The Times said. The newer the vehicle, generally, the more Sound Transit’s formula inflates the value.
Sound Transit 3’s car-tab fees, along with a property-tax and sales-tax hike, will fund transit projects that include 62 new miles of light rail by 2041 in King, Pierce and Snohomish counties.
You can read the complete Times story here.