Tacoma Business License Increase Likely to Hit Agents Across Pierce County
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.