Condotta says new revenue forecast supports call for property tax relief
The Washington State Economic and Revenue Forecast Council gave budget writers and lawmakers some good news today. Revenue for the next two budget cycles will bring in more than $1.2 billion than previously forecast for the next two budget cycles.
“Homeowners are opening their property tax bills this month and I am sure some are a little shocked or surprised,” said Condotta, R-Wenatchee. “With the latest revenue forecast we have the ability to offset the increase from the McCleary education funding plan and take the state property tax back from 81 cents to 50 cents where it started. I was certain we could do it with existing revenue before the forecast council's announcement, and the additional revenue now supports what I have been saying all session – it's time to give back to the taxpayers.”
The revenue forecast has been increased by $647 million for the 2017-19 budget cycle and by $671 million for the 2019-21 budget cycle. The latest report reflects changes since the last revenue forecast on Nov. 20. There is also an anticipated $200-plus million in reduced caseload costs or entitlement programs.
“Today's revenue forecast has opened some eyes, and legislators are starting to hear from constituents who have received their property tax statements,” said Condotta. “There will be a big push and a lot of discussion to get a property tax reduction done in the final few weeks.”
The Legislature is scheduled to adjourn the 60-day session on March 8.
###Washington State House Republican Communications