Dear friends and neighbors,
We all know that the second you drive your brand new car off the lot, it begins to lose its value – rapidly. According to the Kelley Blue Book, a two-year-old car is only worth 59 percent of its original sticker price.
Taxes and fees to fund Sound Transit began taking affect this month and many people are noticing the agency is using an outdated formula for calculating vehicle value. As a result, a two-year-old car is valued at 89 percent of its original value under their formula.
For most of the 5th Legislative District, this information will not have an impact because the district is mostly outside Sound Transit’s taxing authority. However, for those of us in Issaquah, Klahanie and the Renton Highlands, Sound Transit’s outdated methods for calculating a vehicle’s value have led to a massive hike in licensing fees.
Many of you know that I am a strong supporter of public transit. One of my past legislative priorities was to get Issaquah on Sound Transit’s light rail map. Moreover, voters in the 5th District supported Sound Transit on the ballot. But just because we supported public transportation doesn’t mean we think families should be unfairly charged for car tabs to get the job done.
I’m calling on Sound Transit to use a more reliable and updated formula so we can accurately gauge a car’s worth. I’m hopeful they will take action. If not, there is legislation in both the House and the Senate that I support to replace the Sound Transit formula and instead use data from the National Automobile Dealers Association or the Kelley Blue Book to assess a vehicle’s true value.
Thank you for your engagement,