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Private property and businesses in Lakewood are levied a property tax which is collected in two installment each year, in April and October. As of June, 2008 the tax is $11.76 per $1,000.00 valuation of the property. The Pierce County Assessor's office collects the tax and distributes it to the following governments and agencies:
| Clover Park School District |
$3.82 per $1,000.00 |
| Lakewood Fire District |
$2.65 per $1,000.00 |
| State of Washington |
$2.07 per $1,000.00 |
| Pierce County |
$1.08 per $1,000.00 |
| City of Lakewood |
$1.00 per $1,000.00 |
| Emergency Management Services |
$0.50 per $1,000.00 |
| Pierce County Library |
$0.44 per $1,000.00 |
| Port of Tacoma |
$0.19 per $1,000.00 |
The estimated property tax revenue for the City of Lakewood for 2008 is $5.67 million.
Lakewood residents have seen a reduction in the amount they pay for property taxes as a result of incorporation.
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