Cutting statewide property tax revenues by 10 percent without creating a shift to other taxpayers.

HB 1997 reduces Washington State's statewide property tax revenue by 10% for calendar years 2026 through 2028, directly affecting all property taxpayers across the state. It modifies existing tax laws to set new levy limits for state property taxes, requiring a 10% reduction from the "highest lawful levy" amounts for those years. The bill explicitly prohibits shifting the tax burden to other taxpayers or revenue sources, maintaining the same total tax revenue level without increasing other taxes. This change applies only to state-level property taxes for common schools and related programs, not local property taxes. The measure is limited to the 2026-2028 timeframe, with tax levies reverting to standard rules after 2028.