The bill would apply retroactively for state property taxes levied for collection in 2018
With record tax revenue collections, and escalating property taxes across the state, Rep. Brandon Vick (R — 18th District), has introduced legislation to provide property tax relief for all property taxpayers in Washington state.
“When people hear tax season, they are often nervous about the financial impacts their families will face. They have to decide what budget items to prioritize, and figure out how to pay the property taxes that are due. What if this year, tax season meant the Legislature was actually going to reassess its policies and return some of the taxpayers hard-earned money back to them,” Vick said.
“Some property owners in Washington state are opening their property tax statements and experiencing shock because of the McCleary education funding plan,’’ Vick added. “With over 1.3 billion dollars in expected new tax revenue, we have an opportunity to give back to the homeowners and taxpayers in Washington state and provide a little relief. These new property tax rates have pushed many families to the edge, especially for seniors and those on a fixed income.”
House Bill 3000 would reduce the assessed value rate to $2.365 from the McCleary fix rate of $2.81. The bill applies retroactively for state property taxes levied for collection in 2018. For all taxpayers who have already paid all or a portion of their property taxes, they would receive a refund for the difference between what they paid and what they would have paid had this bill been in effect January 1, 2018.
“We have the money to do this. This is a priority for House Republicans and needs to be in a final budget,” Vick said.
The Washington State Economic and Revenue Forecast Council recently gave lawmakers some good news. Revenue for the next two budget cycles will bring in more than $1.3 billion than previously forecast – an increase of $647 million for the 2017-19 budget cycle and $671 million for the 2019-21 budget cycle. That does not include approximately $200 million in savings on caseloads, or entitlement programs.
The Legislature is scheduled to adjourn March 8.
Information provided by Washington State House Republican Communications, https://www.gop.gov/.
