The proposed bill aims to enhance funding for K-12 education and improve community safety in Washington State by modifying property tax authority and adjusting the school funding formula. It seeks to address the limitations of the current one percent property growth cap by increasing the levy authority for state and local property tax limits from one percent to three percent. Key amendments include setting the maximum dollar amount for school district enrichment levies at $2.50 per $1,000 of assessed property value, revising definitions of "inflation" and "maximum local effort assistance," and introducing "inflation enhancements" to ensure funding keeps pace with rising costs. The bill also establishes new definitions and requirements for local effort assistance funding, aiming to create a more equitable funding structure for schools, particularly benefiting historically underfunded areas.

Additionally, the bill mandates that by September 1, 2025, the Department of Revenue must provide county assessors with necessary limit factors annually, and it repeals previous authorization for taxing districts to use a limit factor of one hundred one percent or less. It revises funding allocation for special education programs, introduces a new methodology for accounting expenditures beyond state funding, and establishes a K-12 funding equity work group to analyze funding formulas and propose revisions. The bill also outlines a framework for the superintendent of public instruction to propose options that align with estimated additional state revenue, with certain provisions set to expire on December 1, 2027, and others taking effect on September 1, 2028, indicating a phased implementation of the proposed changes.

Statutes affected:
Original Bill: 84.52.0531, 28A.500.015, 84.55.005, 84.04.140, 28A.150.390, 28A.150.392, 28A.150.560