Washington HB2746 reduces state property tax rates for common schools starting in 2022.

Washington HB2746 modifies state property tax rates for common schools. For taxes collected in 2019 through 2021, the tax rate remains unchanged. Starting in 2022, the aggregate rate limit for state property taxes is set at $3.60 per $1,000 of assessed value. If the aggregate rate exceeds this limit, each rate must be reduced proportionally. The bill also specifies that taxes collected in 2019 must be deposited into the state general fund. This act applies to taxes levied for collection in 2028 and thereafter.

Washington HB2746 reduces state property tax rates for common schools starting in 2022.

Washington HB2746 modifies state property tax rates for common schools. For taxes collected in 2019 through 2021, the tax rate remains unchanged. Starting in 2022, the aggregate rate limit for state property taxes is set at $3.60 per $1,000 of assessed value. If the aggregate rate exceeds this limit, each rate must be reduced proportionally. The bill also specifies that taxes collected in 2019 must be deposited into the state general fund. This act applies to taxes levied for collection in 2028 and thereafter.