Washington state property taxes may be going down. Lawmakers in Washington State have reached a tentative agreement to lower property taxes in the state.
After hiking property taxes last year, state legislators have reached an agreement on a one-time property tax cut which would apply to 2019. Under the agreement, the 2019 property-tax rate would lower to $2.40 cents per $1,000 per assessed value, down from $2.70.
The agreement comes a year after a court-ordered school-funding program which prompted the initial increase in taxes. Though a one-time cut in property taxes may not have a long-term effect, lawmakers are hoping it eases the burden currently placed on homeowners.
Washington state property taxes are currently relatively low; about 29th in the country. The state of Georgia, which ranks about 25th in the country recently passed its own measures aimed at easing tax burdens for homeowners.
Not Everyone Agrees
That part of the budget deal comes in Senate Bill 6614, which draws money by ultimately diverting hundreds of millions of dollars from going into the state’s constitutionally protected emergency reserves, aka “the rainy day fund.”
Some lawmakers have expressed reluctance about dipping into the fund.
“Choosing to not save today when we’re experiencing extraordinary revenue growth guarantees that our budget problems will be much greater when the next recession hits,” -State Treasurer Duane Davidson
The budget may face some opposition as it must be approved by both the state house and senate before going to Governor Inslee’s desk for approval.
Property Taxes Vary
It’s no surprise that taxes around the country vary widely. Washington State property taxes are in the lower part of the country, however that has not been true for the entire state. Some locales are seeing increases of up to 17%.
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