Reducing state property taxes.

HB 2743 reduces Washington state property taxes by $2.1 billion for 2027, applying to all property owners statewide. The bill amends tax code to cap the combined state property tax rate at $3.60 per $1,000 of assessed value and mandates this specific $2.1 billion reduction in the 2027 tax levy. It does not change tax rates for prior years but sets a permanent cap on future combined tax levies. This is a direct adjustment to the state's property tax collection amount, not a rate change for individual properties. The bill affects all taxable property within Washington, as the tax is statewide.