Tacoma Narrows Bridge Toll Thankfully Not Going Up

The headline in today's New Tribune states that the Tacoma Narrows Bridge toll will not be raised in the foreseeable future. Whew! The idea of a higher bridge toll had Gig Harbor residents shaking in their boots. I personally feel that the threat of the toll rising has kept the housing recovery from blossoming in Gig Harbor the way it has started to in Tacoma. Here's the part that I find interesting... The bridge toll does not (in most cases) make it more expensive to live in Gig Harbor. On the contrary, Gig Harbor is less expensive. Why? Property taxes. If you take comparable homes tax assessed at $400,000 in Gig Harbor, Tacoma and University Place, Gig Harbor has much lower property taxes. Here is the approximate breakdown:

Gig Harbor $3900 per year
Tacoma $5200 per year
University Place $5700 per year

So, it costs Gig Harbor homeowners $1300 less than Tacoma in taxes and $1800 less than University Place. Now, if you calculate tolls for a commuter with a Good to Go Pass who crosses the bridge 5 times a week for 50 weeks a year (they need 2 weeks off for vacation) the cost is $687.50. Add in a second family member who crosses 3 times a week for 50 weeks (they get a vacation too) and you have a grand total of $1100 per year in tolls. Not bad. A savings of at least $200 per year.

I applaud the Transportation Commission not raising the bridge toll during this recession. I also think that as Realtors we need to counsel our clients who refuse to live in Gig Harbor simply because of the bridge toll that they need to calculate their total cost of living. They may find that it saves them money to live in Gig Harbor. Plus, it's so darn pretty over there...