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 property taxes levied for collection in calendar years 2026, 2027, and 2028, which will be calculated based on the highest lawful levy amounts from previous years, adjusted by a 10 percent reduction for the first year and then allowing for increases in subsequent years as permitted under existing law.

Additionally, the bill modifies the calculation of property tax levies to ensure that they do not exceed certain limits, while also specifying that the requirements for levy calculations do not apply to state property taxes collected in specific years. The new language clarifies how the levies will be set for the years 2026 through 2028, ensuring that they align with the established limits and provide for necessary adjustments based on assessed property values. Overall, the bill seeks to maintain funding for common schools while implementing a structured approach to property tax levies over the next several years.

Statutes affected:
Original Bill: 84.52.065, 84.55.010