Bill Title: Raising the limit factor for property taxes
Companion Bill: none
AN ACT Relating to raising the limit factor for property taxes; amending RCW 84.55.005 and 84.55.100; creating a new section; and repealing RCW 84.55.0101
What the Bill says:
It will use the population plus the consumer price index to set the property tax base rate higher at a minimum of 1.01% to a maximum of 1.03% from the 1.00% it is now.
Our Summary Opinion:
It repeals the citizens initiative which was passed to cap property taxes. Our state has year over year had surplus revenues. This is not the time or the year for our property taxes to be increased considering the economic stress on the middle class. Add to that all the other taxes the state legislature has afforded the local municipalities and districts to enact while the people are overwhelmed with inflation exploding.