King County Treasury Operations provides services to King County, cities and special districts in the county, and most importantly, our residents.
The property tax team handles billing, collecting, distributing, and reporting of real and personal property taxes, gambling taxes, and local improvement district assessments.
In 2016, Treasury Operations billed, collected, and distributed nearly $4.5 billion in property taxes and $228 million in other assessments and fees to support the County's programs and services.
Real property with at least one year's tax that is three years past due is subject to foreclosure. In 2017, this would include accounts on which the 2014 full year tax is delinquent.
To purchase a property from tax foreclosure, a buyer must participate in the annual online auction, make the final bid, and make full payment immediately. All sales are final.
The Investment Pool performs accounting and cash management for all revenue funds and deposits for King County, cities, and special taxing districts. It also invests funds for King County and junior taxing districts, following best policies and procedures to maximize return and minimize risk for public funds, and ensures appropriate liquidity for all funds.
The investment pool balance reached $6.9 billion in 2015, and averaged $5.6 billion for the year.
The Debt Management section issues and administers short and long term King County debt, including such instruments as General Obligation bonds, Lease Revenue bonds, and Sewer Revenue bonds.
Proceeds support such capital activities as Harborview Medical Center, County office space, upgrading King County's technology infrastructure, solid waste, public transportation, water quality, and open space acquisitions.
Municipal Advisor Rule
SEC Rule 15Ba1-1(d)(3)(vi)(B) creates a fiduciary duty upon municipal advisors who provide advice to municipal entities within the scope of the rule.
- King County uses an Independent Registered Municipal Advisor (IRMA) for its debt management programs in accordance with the exceptions to the SEC Municipal Advisor Rule.
- King County's investment team manages an approved list of broker/dealers. Refer to the mini Request For Proposal (RFP) in accordance with the exceptions to the SEC Municipal Advisor Rule.