BILL REQ. #:  H-3298.1 

Read first time 01/16/14.   Referred to Committee on Finance.

     AN ACT Relating to providing property tax relief; and adding a new section to chapter 84.55 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   A new section is added to chapter 84.55 RCW to read as follows:
     (1) The state property tax levy for collection in 2015 through 2039 must be reduced by three hundred forty million dollars each calendar year from the amount that would otherwise be allowed under this chapter without regard to this section.
     (2) State levies for collection in 2040 and thereafter must be set at the amount that would be allowed otherwise under this chapter if the state levies for collection in 2015 through 2039 had been set without the reduction under subsection (1) of this section.