KVI host Kirby Wilbur introduced his new property tax initiative yesterday, and man would it save homeowners a lot of money. In fact, when I apply the math to my own house, it looks like my property tax bill would be reduced by a stunning 99.4 percent!
Initiative 1030, Section I(1) reads as follows:
The assessed value of property for all privately owned real property must not exceed the property tax on the same property for the tax year ending December 31, 2008, reduced by thirty percent.
For 2008 I received a property tax bill from King County for a total of $3,953.21 on an assessed taxable value of $433,000… a rate of about 0.91298 percent. So, according to the text of Kirby’s initiative, the new “assessed value” of my property would equal “the property tax on the same property for the tax year ending December 31, 2008″ (that’s $3,953.21), reduced by a further thirty percent. Multiply my new “assessed value” of $2767.25 by my 0.91298 percent levy rate and my tax bill for 2009 would be a somewhat more manageable $25.26.
Talk about putting money back in my pocket. How could I not vote for that?
Perhaps that wasn’t exactly what Kirby intended, but then, perhaps he should have consulted a lawyer before writing, you know… a law.