For now anyway, a 1 percent increase in property taxes is off the table for the City of Issaquah in the 2013 proposed budget. The increase would have raised a total of $69,700 or $4.75 a year on a $400,000 home.

At the regularly scheduled City Council meeting Nov. 5, deputy finance director Diane Marcotte said that property taxes represent 32 percent of the city’s total tax revenue. The remainder comes from sales, utility and business and occupation taxes. Of the property tax, 64 percent goes to fund schools.

Settling on the property tax issue was one of the last pieces of the puzzle in putting together the city’s 2013 budget. After a proposal not to increase property taxes by councilman Fred Butler, which was seconded by Mark Mullet, the council voted unanimously against the increase.

Marcotte said assessed valuations on property are estimated to go up 4 percent next year. The total assessed valuation for all real property in Issaquah now is $6,230,929,938.

Marcotte said there are biding wars going on in real estate transactions, pointing to rising values.

This council vote directs Mayor Ava Frisinger to approve the 2013 budget with no property tax increase. The council will look at the entire budget at the Nov. 19 council meeting, which also will be the final meeting for a public hearing on the budget.

Butler said it is possible the budget will be approved at the Dec. 3 meeting.