TPCAR has spent the past few months conducting additional review of the City of Tacoma’s recently enacted business license rates for 2023-24. The increases, enacted by Council in late-2022, apply to any real estate office and REALTOR® (agent) who conducts one or more transactions for property within the City of Tacoma and is based upon total gross revenue for all transactions in the prior year – regardless of how many occur within the City.
Justification from Council was based upon having a $23+ million dollar budget deficit for 2023, with the increased license fee expected to cover approximately 1/4 of that gap in the General Fund.
For 2023, the adopted license fees are:
- $25 will remain for businesses that have a gross yearly income of less than $12,000.
- $130 for businesses with a gross income between $12,000 and $250,000.
- $300 for businesses with a gross income between $250,000 and $1 million.
- $1,000 for businesses with a gross income between $1 million and $5 million.
- $1,500 for business with a gross income more than $5 million.
For 2024 those amounts will grow to $37.50, $190, $435, $1,500, and $2,000, respectively.
TPCAR is continuing its legal review of these changes to determine if further action may be taken to provide relief for our membership.