10 Year Analysis Complete for Substitute House Bill 2049
Office of the Governor / Office of Financial Management sent this bulletin at 05/15/2025 06:49 PM PDT
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UPDATE: The 10 year analysis for SHB 2049, titled AN ACT Relating to investing in the state's paramount duty to fund K-12 education and build strong and safe communities by modifying the state and local property tax authority and adjusting the school
funding formula, has been completed. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.
Ten-year projection:
|
Fiscal |
Property Tax |
|
|
|
||
|
2026 |
$50,000,000 |
|
|
2027 |
$150,000,000 |
|
|
2028 |
$255,000,000 |
|
|
2029 |
$368,000,000 |
|
|
2030 |
$487,000,000 |
|
|
2031 |
$615,000,000 |
|
|
2032 |
$750,000,000 |
|
|
2033 |
$894,000,000 |
|
|
2034 |
$1,048,000,000 |
|
|
2035 |
$1,210,000,000 |
|
|
|
||
|
Total: |
$5,827,000,000 |
|
Ten-year projection prepared in consultation with the following agencies:
Department of Revenue
Department of Commerce
The substitute bill was proposed by:
The original bill sponsors and contact information are:
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp