Bill > HB1997

This bill proposes to reduce statewide property tax revenues by 10 percent for the years 2026, 2027, and 2028 without shifting the tax burden to other taxpayers. Specifically, the bill modifies how state property taxes are calculated by reducing the tax levy amounts for both Part I and Part II property tax levies in 2026 by 10 percent, while still allowing for small increases based on existing law (RCW 84.55.010). In 2027 and 2028, the bill sets the tax levy amounts based on the previous year's levy with potential modest increases. The legislation maintains the existing aggregate rate limit of $3.60 per $1,000 of assessed property value and continues to support common schools, which includes paying principal and interest on school capital construction bonds. Starting in 2029, the property tax levies will return to being governed by standard levy limits and rate restrictions. The bill aims to provide property tax relief while ensuring that local taxing districts can still account for new construction, improvements, and other assessed value increases when calculating their levies.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1997&Year=2025&Initiative=false