Providing property tax relief by reducing both parts of the state school levies.

HB 1729 reduces Washington's state property tax levies for schools by reversing $4 billion in excess revenue collected since 2018 due to faster-than-expected property value growth. It directly lowers taxes for homeowners by setting specific annual dollar amounts ($2.79 billion for Part I and $1.32 billion for Part II) for 2026-2028, replacing percentage-based rates. This adjustment prevents future over-collection by basing levies on actual past revenue shortfalls, not outdated growth assumptions. After 2028, levies return to standard calculation methods under state law.