The act amends existing state property tax law by changing how state property tax levies for the support of common schools are calculated for collection years 2026–2028 and by updating related levy-limit provisions in RCW 84.55.010. It modifies RCW 84.52.065 and RCW 84.55.010 and adds a new section stating the act applies for collection in 2026 and thereafter. The amendments set special rules: for collection in 2026 the amounts levied under subsections (1) and (2) are each the respective highest lawful 2026 levy reduced by 10 percent plus any increase allowed under RCW 84.55.010; for 2027 each part I and part II highest lawful levy is the corresponding 2026 highest lawful levy plus any increase allowed under RCW 84.55.010; for 2028 the levies equal the 2027 highest lawful levies plus any increase allowed under RCW 84.55.010; and for 2029 and thereafter levy amounts are governed by the chapter 84.55 levy limits and the aggregate rate limit in RCW 84.52.065(4). The statute continues to identify a base state levy of $3.60 per $1,000 of state equalized assessed value for common schools and establishes an aggregate rate limit of $3.60 per $1,000 for the combined subsections (1) and (2) for collection in 2022 and thereafter, with required pro rata reductions if the aggregate exceeds that amount. The amendment also restates the general levy-limit formula in RCW 84.55.010, exempts certain state property taxes from that section for specified years, and requires state property taxes levied for collection in 2026–2028 be set so regular property taxes payable equal the limit factor times the applicable part I or part II highest lawful levy plus any additional dollar amount described in RCW 84.55.010(1)(b). Affected entities named in the text include the common schools, the Department of Revenue, the state general fund (and the education legacy trust account for fiscal year 2019 receipts), taxing districts subject to chapter 84.55, and certain port and public utility districts and local governments with designated increment areas. The bill is a procedural and fiscal change to tax levy calculations and limits rather than a criminal or penalty change. Important details are not included in the extracted facts: the numeric value of the "limit factor," full definitions and original calculation methods for "part I" and "part II" highest lawful levies beyond the 2026–2028 adjustments, and the detailed mechanics of increases allowed under chapter 84.55 RCW.

If enacted, the bill reduces the state property tax levies used for the support of common schools by 10 percent for taxes collected in 2026 (though that reduction can be partly offset by any increases allowed under the general levy rules in chapter 84.55 RCW), then sets 2027 and 2028 levy amounts by tying them to the 2026 levies plus allowed annual increases, and returns levy calculations to normal chapter 84.55 rules in 2029 and afterward. It also preserves an overall aggregate rate cap of $3.60 per $1,000 of assessed value and requires pro rata cuts if levies would exceed that cap; taxes collected under the subsection tied to part II are deposited into the state general fund (with the previously made exception for fiscal year 2019). The groups most affected are common schools (whose state property tax support is likely smaller in 2026 and then grows only by the specified formula in 2027–28), the state general fund (which is the recipient of part II collections and may see corresponding changes in revenue), and local taxing districts and the Department of Revenue (which must apply the adjusted levy calculations and potential pro rata reductions). The precise dollar effects and whether the 2026 reduction is fully offset by allowed increases are unclear here because key numbers and the detailed mechanics of RCW 84.55.010 (the “limit factor” and how increases are calculated) are not included in the provided facts.