I-1786 Property Tax Reduction !

Initiative 1786 is in the final stages of drafting the official petition !

Ballot Title Initiative Measure No. 1786 concerns state property taxes.

This measure would reduce the tax rate for state property tax assessments that support common schools by specified amounts in 2022, 2023, and 2024, with subsequent increases limited as provided by current law. Should this measure be enacted into law? Yes [ ] No [ ] Ballot Measure Summary This measure would reduce the rate for property tax assessments that support common schools. Aggregate tax rates in 2022 would be reduced from $2.70 per $1,000 of assessed value to $2.00; in 2023 the rate would be $1.50; in 2024 the rate would be $1.00. Thereafter, state property taxes would be subject to current law that limits revenue growth and sets a maximum aggregate rate of $3.60. Complete Text of I-1786  Initiative No. 1786 January 7, 2021 ______________________________________________________________ BILL REQUEST - CODE REVISER'S OFFICE ______________________________________________________________ BILL REQ. #: I-4100.1/21 ATTY/TYPIST: AI:jlb BRIEF DESCRIPTION: Code Rev/AI:jlb 1 I-4100.1/21 Initiative No. 1786 January 7, 2021 AN ACT Relating to reducing the cost of housing; amending RCW 84.52.065; and creating a new section. BE IT ENACTED BY THE PEOPLE OF THE STATE OF WASHINGTON: Sec. 1. RCW 84.52.065 and 2019 c 411 s 1 are each amended to read as follows: (1)(a) Except as otherwise provided in this section, subject to the limitations in RCW 84.55.010, in each year the state must levy for collection in the following year for the support of common schools of the state a tax of ((three dollars and sixty cents)) $3.60 per ((thousand dollars)) $1,000 of assessed value upon the assessed valuation of all taxable property within the state adjusted to the state equalized value in accordance with the indicated ratio fixed by the state department of revenue, except for taxes levied for collection in calendar years 2022 through 2024, during which time the rate must be set as described in (b) of this subsection. (b) For taxes levied for collection in calendar year 2022, the rate of tax is $1 per $1,000 of assessed value. For taxes levied for collection in calendar year 2023, the rate of tax is 50 cents per $1,000 of assessed value. For taxes levied for collection in calendar year 2024, the rate of tax is 5 cents per $1,000 of assessed value. The state property tax levy rates provided in this subsection (1)(b) are based upon the assessed valuation of all taxable property within the state adjusted to the state equalized value in accordance with the indicated ratio fixed by the department. (2)(a) In addition to the tax authorized under subsection (1) of this section, the state must levy an additional property tax for the support of common schools of the state. (i) For taxes levied for collection in calendar years 2018 through 2021, the rate of tax is the rate necessary to bring the Code Rev/AI:jlb 2 I-4100.1/21 aggregate rate for state property tax levies levied under this subsection and subsection (1) of this section to a combined rate of ((two dollars and forty cents)) $2.40 per ((thousand dollars)) $1,000 of assessed value in calendar year 2019 and ((two dollars and seventy cents)) $2.70 per ((thousand dollars)) $1,000 of assessed value in calendar years 2018, 2020, and 2021. For taxes levied for collection in calendar year 2022, the rate of tax is the rate necessary to bring the aggregate rate for state property tax levies levied under this subsection and subsection (1) of this section to a combined rate of $2. For taxes levied for collection in calendar year 2023, the rate of tax is the rate necessary to bring the aggregate rate for state property tax levies levied under this subsection and subsection (1) of this section to a combined rate of $1.50. For taxes levied for collection in calendar year 2024, the rate of tax is the rate necessary to bring the aggregate rate for state property tax levies levied under this subsection and subsection (1) of this section to a combined rate of $1. The state property tax levy rates provided in this subsection (2)(a)(i) are based upon the assessed valuation of all taxable property within the state adjusted to the state equalized value in accordance with the indicated ratio fixed by the ((state)) department ((of revenue)). (ii) For taxes levied for collection in calendar year ((2022)) 2025 and thereafter, the tax authorized under this subsection (2) is subject to the limitations of chapter 84.55 RCW. (b)(i) Except as otherwise provided in this subsection, all taxes collected under this subsection (2) must be deposited into the state general fund. (ii) For fiscal year 2019, taxes collected under this subsection (2) must be deposited into the education legacy trust account for the support of common schools. (3) For taxes levied for collection in calendar years 2019 through ((2021)) 2024, the state property taxes levied under subsections (1) and (2) of this section are not subject to the limitations in chapter 84.55 RCW. Code Rev/AI:jlb 3 I-4100.1/21 (4) For taxes levied for collection in calendar year ((2022)) 2025 and thereafter, the aggregate rate limit for state property taxes levied under subsections (1) and (2) of this section is ((three dollars and sixty cents)) $3.60 per ((thousand dollars)) $1,000 of assessed value upon the assessed valuation of all taxable property within the state adjusted to the state equalized value in accordance with the indicated ratio fixed by the ((state)) department ((of revenue)). (5) For property taxes levied for collection in calendar years 2019 through 2021, the rate of tax levied under subsection (1) of this section is the actual rate that was levied for collection in calendar year 2018 under subsection (1) of this section. (6) As used in this section, "the support of common schools" includes the payment of the principal and interest on bonds issued for capital construction projects for the common schools. NEW SECTION. Sec. 2. This act applies to taxes levied for collection in 2022 and thereafter. --- END --- I-1786 petitions (both printed and PDF file downloads) will be available soon! To submit a business signing location, please visit http://restorewashington.org/add-a-business-signing-location/ we will add the location to our map. Please make sure petitions are available prior to submission. Questions: email us at info@restorewashington.org