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Washington Senate Bill 5798, the democratic majority budget with the largest tax increases in state history, is still moving forward despite the overwhelming public opposition—over 41,000 concerned citizens have let legislators know that this proposed legislation is bad policy. Among other taxes that could force industry out of our state, this harmful bill would END the 1% cap on property-tax rate increases and instead allow massive rate hikes tied to inflation and population growth.
SCROLL TO THE BOTTOM TO TAKE ACTION NOW!
Undoing the Peoples' Vote. In 2001, Initiative 747, which limited property tax increases to 1% per year, was passed by the voters of Washington. Prior to the passage of the initiative, cities and counties were able to raise property taxes by 6% per year and many cities and counties did so every year. SB 5798 isn’t just bad policy—it’s an assault on housing affordability. This unbalanced budget of overspending, which relies on using the citizens as an ATM, will tax some working families and fixed income seniors out of their homes in a state that already has one of the highest property tax rates in the nation!
Rent Control. They are also likely to pass the rent control Bill 1217 that will limit your ability to raise rents to help offset the increasing taxes and expenses. It's not that the proposed rent increase limit of 10% annually is unreasonable; it's that it opens the door for lawmakers to threaten a lowering of that percentage in future sessions so as to prevent you from passing your rising costs on to tenants. There are other new restrictions in the bill resulting in higher cost burdens for housing providers.
Housing Supply Is the Solution. Legislators say Washington's housing shortage, among the worst in the country, is a top priority for them. But who do they think will provide that housing if it's too expensive and risky to own? Some of our clients have already raised their hands asking us to sell their properties so they can "get out of Washington". Those properties are not likely to remain rentals. So, lawmakers' continued attacks on the people who provide housing will only lead to the displacement of the tenants they say they are trying to protect and a more extreme shortage.
What you can do:
CLICK HERE to tell your legislators to Oppose SB 5798
CLICK HERE to voice your opposition of the rent control bill 1217
Tell them,
WE CITIZENS MUST CURB OUR SPENDING TO KEEP OUR BUDGETS BALANCED. THEY SHOULD TOO.
FIX THE HOUSING SHORTAGE AND YOU'LL STABILIZE RENT AFFORDABILITY.
YOU CAN'T INCREASE HOUSING SUPPLY BY MAKING IT MORE EXPENSIVE AND RISKY TO OWN.
Thinking of Selling? If you are considering selling your property, reach out to us now. It is a complicated orchestration of hundreds of details, so it's never too early to start strategizing.