SPOKANE, Wash. -- Under the new budget for Washington state, some residents will see an increase in their property taxes, while others will see a decrease.
This is the result of the state's plan to spend $1.8 billion on K through 12 public schools over the next four years. This is expected to satisfy the Supreme Court's ruling that the state was under funding public schools.
It is a bit a confusing, but what it boils down to is everyone in the state will see their property tax increase next year. After that, some residents will see it go up even more or go down.
The new budget increases state property tax from $1.89 to $2.70 per $1,000 assessed value. For median value single-family homes in Spokane, property taxes will increase $130 in 2018. The good news is taxes will decrease in the following three years.
Residents in Mead will see one of the highest property tax increases in the area as it will go up $210. Property taxes will see a decrease in 2019 and 2020.
Spokane Valley residents living in the Central Valley School District will see property taxes increase $170 but it will decrease over the next two years with a slight increase in the third.
Property taxes in both East Valley and Cheney School districts will increase $150 in 2018. Then over the next three years, Cheney's property taxes will continue to increase.
Revenue from this tax hike is expected to bring in $6.6 billion over the next four years.
A list of all the school districts and how much their property taxes will increase, released by the Office of Program research with the state, can be found here.
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