New initiative seeks property tax cut

OLYMPIA – Anti-tax initiative promoter Tim Eyman has filed his latest effort, a measure that seeks a 25 percent property tax cut.

Initiative 1550 was introduced Monday. Under the measure, current voter-approved local school levies would not be affected. After the initial property tax cut in 2018, the initiative caps property tax increases at one percent a year, unless local governments go to the ballot to ask voters for more.

Eyman needs to collect nearly 260,000 signatures by July 7 in order to qualify for the November ballot.