The supporters of Initiative 1098 want an income tax on high-income earners and boast of a 20 percent cut in state property taxes. Sound good? Think again.
Examine your tax bill. My overall tax rate is roughly 1.2 percent of assessed value. If my home is worth $100,000 then my total property taxes are $1,200 a year. Of that, only 17 percent are allocated for the state, or $204. I get to save 20 percent of $204 if I-1098 passes. That’s a grand total of $40.80 a year in savings (or $3.40 per month).
Remember how our taxes were raised, even though there was a supermajority provision in our laws? Is $3.40 a month worth the risk that the state income tax will ultimately be lowered to include all wage earners?