This bill amends RCW 84.52.065 and adds a new section to reduce state property tax levies. It sets the annual state levy for the support of common schools at $3.60 per $1,000 of assessed value (adjusted to state equalized value by the Department of Revenue), establishes special rate treatments and historical combined rate targets for taxes levied for collection in 2018–2021, and for taxes levied for collection in 2022 and thereafter makes the additional levy subject to the limitations of chapter 84.55 RCW. For collection in 2022 and thereafter the aggregate rate limit under the cited subsections is $3.60 per $1,000 and any excess must be reduced pro rata. For collection in calendar year 2028 the bill requires that the amount levied under subsection (1) be determined by reducing the part I highest lawful levy for 2028 by $2,100,000,000. Taxes collected under the additional levy are deposited into the state general fund except for fiscal year 2019 when they must be deposited into the education legacy trust account. This is a modification of existing law that creates a new statutory application provision; it changes levy rates and levy procedures and specifies fund deposit directions. The statute explicitly states that "the support of common schools" includes payment of principal and interest on bonds issued for common school capital construction projects. The change is procedural and fiscal in nature rather than criminal or penal. The text available here leaves some details unclear: the term "part I highest lawful levy" is not defined in these excerpts, the mechanics for applying the $2,100,000,000 reduction to individual levies or assessed value bases are not provided, and the specific ratio and methodology the Department of Revenue uses to adjust assessed value to state equalized value are not included.

If enacted, this bill would cut the amount of state property tax collected for K–12 support and related school bond payments by $2.1 billion beginning with taxes collected in 2028, lowering the statewide state levy burden and likely reducing property owners’ state property tax bills. Because those state levies pay for common school operations and debt service, school funding that currently depends on that levy would face a corresponding reduction in revenue unless the legislature or state budgeters replace it from other sources. The biggest effects fall on property owners (who would likely pay less) and on the state K–12 system and those who manage school bond payments (who would likely need to adjust budgets, request alternative funding, or change local levy practices). The Department of Revenue stays responsible for equalizing values, and the law also keeps an overall $3.60 per $1,000 cap on aggregate state rates with pro rata cuts if exceeded. It’s unclear from the text how the bill defines “part I highest lawful levy” or exactly how the $2.1 billion reduction is allocated across individual rates, so practical implementation details and the precise local impacts remain uncertain.