A new report from Downtown Seattle Association (DSA) claimed that Seattle lost thousands of jobs and significant property value in the years since implementing the "JumpStart" payroll tax in 2020.Monday's report compared Seattle's status with its neighboring city, Bellevue, which has no comparable payroll tax or social housing tax, and found that while Seattle's workforce and property values have shrunk, Bellevue's has remained resilient."[S]ince 2020, what we have seen in downtown Seattle is not a 'jump start,' but instead, a slowdown," the report read."Since being implemented, downtown Seattle has lost around 30,000 jobs.
The office vacancy rate increased to 32% in the downtown core.And more than $10 billion in office value has been lost."SEATTLE ABOUT TO GET NY'S HAMMER-AND-SICKLE TREATMENT.
SOCIALISM IS COMING YOUR WAYDowntown Seattle Association (DSA) found significant differences between Seattle and Bellevue businesses due to their different tax policies.(Al Drago/Getty Images)It continued, "Meanwhile, in Bellevue, dating back to 2020, the city has seen more jobs come to its core, lower office vacancy, and the stability of office building values.
This provides a stark tale of two cities and two tax environments just miles apart."The DSA reported that Bellevue experienced a 7% increase in assessed value compared to the 48% decrease seen in Seattle office properties.Though both cities have a sizable office vacancy rate since 2020, Seattle's rate is also significantly higher at 32% compared to Bellevue's 24%.SEATTLE DEMOCRAT REJECTS WEALTH 'EXODUS’ CONCERNS AS BUSINESSES FLEE FOR LOWER-TAX STATESIn addition to having no payroll or social housing tax, Bellevue also has a smaller property tax millage rate compared to Seattle in 2026.
This, the DSA report claimed, presented Bellevue as a more favorable environment for business owners.Seattle's office value fell by 48% since 2019, according to the DSA report.(Reuters/Chris Helgren)"When comparing business tax ...