"Sec. 3   RCW 84.55.092 and 1998 c 16 s 3 are each reenacted and amended to read as follows:
     (1) The regular property tax levy for each taxing district other than the state may be set at the amount which would be allowed otherwise under this chapter if the regular property tax levy for the district for taxes due in prior years beginning with 1986 had been set at the full amount allowed under this chapter including any levy authorized under RCW 52.16.160 that would have been imposed but for the limitation in RCW 52.18.065, applicable upon imposition of the benefit charge under chapter 52.18 RCW. To set a regular property tax levy at an amount authorized under this section, a taxing district shall submit an authorizing proposition to the voters for approval by a majority of the voters of the taxing district voting on the proposition. The proposition shall be voted on at an election held not more than twelve months prior to the date in which the proposed regular property tax is to be levied.
     (2) The purpose of this section is to remove the incentive for a taxing district to maintain its tax levy at the maximum level permitted under this chapter, and to protect the future levy capacity of a taxing district that reduces its tax levy below the level that it otherwise could impose under this chapter, by removing the adverse consequences to future levy capacities resulting from such levy reductions."