How will Initiative 1098’s property tax reductions affect business and property owners?

Short Answer: Initiative 1098 includes a 20% across-the-board cut in the state portion of the property  tax levy, which will reduce property taxes for both businesses and individuals that own property.

Background: Two-thirds of Washington households own their homes. These households will receive a direct reduction of 20% of the state portion of the property tax. Businesses of all sizes that own property will also benefit from the property tax cut.  Statewide, the average decrease in commercial and manufacture property tax will be $394 a year (on the current average combined local and state tax of $9355).For King County, the average property tax for commercial and manufacture business will drop by $1,058.