This bill aims to reduce state property taxes by $2.1 billion, specifically amending RCW 84.52.065. The bill modifies the tax rates for the support of common schools, changing the existing rates from "three dollars and sixty cents" to "$3.60" per $1,000 of assessed value. Additionally, it adjusts the rates for taxes levied for collection in previous years, setting them to "$2.40" for 2019 and "$2.70" for 2018, 2020, and 2021. The bill also establishes that for taxes collected in 2028, the amount levied under subsection (1) will be determined by reducing the highest lawful levy for that year by $2.1 billion.

Furthermore, the bill stipulates that the aggregate rate limit for state property taxes levied under the amended subsections cannot exceed "$3.60" per $1,000 of assessed value for collections in 2022 and beyond. If the aggregate rate exceeds this limit, the rates must be reduced proportionally. The new provisions will apply to taxes levied for collection in 2028 and thereafter, ensuring that the reduction in property taxes is implemented effectively.

Statutes affected:
Original bill: 84.52.065