This bill aims to reduce statewide property tax revenues by a specified percentage without shifting the tax burden to other taxpayers. It amends existing laws, specifically RCW 84.52.065 and RCW 84.55.010, to establish new tax levies for the support of common schools in Washington. Notably, the bill introduces provisions for tax levies for the years 2026, 2027, and 2028, which include a 10% reduction from the highest lawful levy for those years, along with any increases allowed under existing law. The aggregate rate limit for state property taxes is set at $3.60 per $1,000 of assessed value, with mechanisms to ensure that if the combined rate exceeds this limit, it will be reduced on a pro rata basis.

Additionally, the bill modifies the calculation of property tax levies to include a new formula for determining the maximum allowable levy for state property taxes in the years 2026 through 2028. This includes adjustments based on the highest lawful levy amounts and an additional dollar amount calculated from increases in assessed property values. The bill also clarifies that the requirements for setting property tax levies do not apply to certain state property taxes collected in previous years, ensuring that the new provisions are specifically tailored for future collections.

Statutes affected:
Original Bill: 84.52.065, 84.55.010