Short Answer: Initiative 1098 includes a 20% across-the-board cut in the state portion of the property tax levy, which will reduce property taxes for both businesses and individuals that own property.
Background: Two-thirds of Washington households own their homes. These households will receive a direct reduction of 20% of the state portion of the property tax. Businesses of all sizes that own property will also benefit from the property tax cut.
Statewide, the average decrease in commercial and manufacture property tax will be $394 a year (on the current average combined local and state tax of $9355). For King County, the average property tax for commercial and manufacture business will drop by $1,058.
Estimate Your Property Tax Cut: Currently, an average of 21% of total property tax goes to the state. The remainder stays in local communities and includes voter-approved school levies and support for other local services. To estimate how much your property tax will decrease under Initiative 1098, take your 2010 property tax bill and multiply it by 5%. That will be your approximate tax cut. For example, a property tax bill of $2,976.54 x .05 = $148.83.
From EOI’s fact sheet: Initiative 1098: How will a 20% reduction in the state property tax affect residential and commercial property owners?
Looking for more information about Initiative 1098? Visit the Economic Opportunity Institute website.
More To Read
February 15, 2023
Podcast: Getting to Lower Health Care Costs in Washington
EOI's Sam Hatzenbeler joins Washington's Indivisible Podcast to discuss our state's health care costs crisis and what the legislature can do to solve it
February 10, 2023
Thirty years of FMLA, how many more till we pass paid leave for all?
The U.S. is overdue for a federal paid leave policy
January 25, 2023
Top 5 Fixes for High Health Care Prices
High health care costs are driving Washington workers and families over the edge