Last week, the Washington Legislature passed a slights property tax cut. Under the $391 million plan, property owners will see a 30-cent cut to statewide property taxes next year, dropping to $2.40 per $1,000 of assessed value.
Under the plan, $935 million from the remaining property tax revenues will be diverted to a specified education account instead of going to the constitutionally-protected “rainy day” fund. That money will be put toward teacher salaries and other K-12 investments.
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