Reducing state property taxes.

Summary

The bill amends the law that sets the state’s property tax rate for common schools, lowering the amount collected after 2028 by $2.1 billion. It establishes a maximum combined state property tax rate of $3.60 per $1,000 of assessed value and requires any excess to be reduced proportionally. The change affects all taxable property in Washington and redirects most of the tax to the state general fund, with a one‑year deposit to an education trust.

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