From the desk of Councilmember Amy Cruver…
Yesterday afternoon (April 12), the Senate dropped SB 5770 that would increase the current 1% property tax growth limit to 3% if passed by a simple majority.
A summary is currently unavailable, but below is a copy of the NEW SECTION. Sec. 1. Click here to read the text of the entire bill. You can call 1-800-562-6000 if you wish to contact your legislator or click here to email your comments to the state.
SENATE BILL 5770
State of Washington 68th Legislature 2023 Regular Session
By Senators Pedersen, Van De Wege, Robinson, Dhingra, Nguyen, Wellman, Keiser, Valdez, Saldaña, Hunt, Salomon, Randall, Cleveland, C. Wilson, Stanford, Lovick, Nobles, Hasegawa, Trudeau, and Liias
AN ACT Relating to state and local property tax reform; amending RCW 84.55.005, 84.55.100, and 84.36.381; creating new sections; and repealing RCW 84.55.0101.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. The legislature finds that the arbitrary one percent limitation on the growth of property tax collections has severely inhibited the ability of the state, counties, cities, and other special districts to provide critical community services in the face of significant population growth and inflation. Modifying the limitation on the growth of property tax collections will restore the primary tool state and local officials use to fund public schools, law enforcement, fire departments, and other services Washingtonians rely on. Property taxes are the primary revenue source for counties, which have responsibility in Washington for public safety and administration of the criminal justice system. Because the state portion of the property tax is entirely devoted to support of public schools, raising the cap on the state portion of property taxes will help provide the resources in coming years for the legislature to make ample provision for the education of students with disabilities.
Federal Tax and Washington Rebate Savings Through Energy Efficiencies
An astute constituent has pointed out potentially valuable information regarding two major federal initiatives available to Pierce County residents: 1) the 2021 Infrastructure, Investment, and Jobs Act (IIJA) and, 2) the 2022 Inflation Reduction Act (IRA) that prioritized federal funding for decarbonizing buildings.
My homeowner-constituent is saving several thousand dollars by utilizing federal tax credits for a solar panel system installation, a $10,000 deduction this year and a $5,000 carryover credit in 2023. The installation generates more electricity than the homeowner uses, so the extra is sold back to the utility for a credit on the power bill. 2024 will see point-of-sale rebates and federal tax credits on a range of highly efficient electric equipment and electrification projects, including:
- Heat pumps for space and water heating
- Heat pump dryers
- Electric stoves, cooktop range, or oven (includes induction)
- Electric load service center upgrade
- Insulation, air sealing, and ventilation
- Electric wiring
The Washington State Department of Commerce is hosting public listening sessions in early 2023 and is “working to make these resources available to households and other partners in a timely, equitable and effective manner”. Click here to learn more.
Grateful for you!