Tim Eyman announced earlier today that he plans to be at the Capitol at 11 a.m. on Monday to file a Lower Property Tax Initiative.
Eyman's proposal, http://www.permanent-offense.org/ would limit general-fund revenue increases for state and local governments to the rate of inflation. Any excess revenues would then be used to lower property tax bills."
Here is an excerpt from the intent section of the Initiative for your review:
"This act is intended to protect taxpayers by reducing our state's obscene and unsustainable property tax burden by controlling the growth of government to an affordable level. It is long overdue. This measure would limit the growth of state, county, and city general fund revenue, not including new voter-approved revenue, to the annual rate of inflation. Revenue above this limit would be used to reduce property taxes. This measure permits the growth of Washington's tax burden to increase at an affordable, sustainable rate, allows citizens to vote for higher taxes where they see a need, and uses excess revenues above this limit to reduce property taxes.
During these tough economic times, struggling working families and fixed-income senior citizens desperately need and deserve meaningful property tax relief. Property taxes have skyrocketed for decades and politicians have done nothing to address this very real problem. This measure also provides a much-needed economic stimulus to our state's struggling economy by keeping our tax burden at an affordable, sustainable level and by reducing our state's crushing property tax burden. So, this measure ensures meaningful tax relief, a big boost to our state's economy, and long-overdue reform of government. It is a smart, balanced, reasonable solution to our state's property tax problem."
Stay tuned for additional information...