In the state of Washington, "property taxes are completely out-of-control" with "huge levy increases, skyrocketing valuation increases, massive rate hikes. It’s obscene and unsustainable. Struggling working families and fixed-income senior citizens are being taxed out of their homes."
"We don’t want Washington to be a state where only rich people can afford to buy and own a home."
"Citizens desperately need property tax relief, especially during these tough economic times."
"The overall tax burden imposed by state government, counties, and cities is growing exponentially."
Currently, "there is no cap, no ceiling, no lid, no maximum, no limit on how much they can take from us. There’s simply no way that citizens can afford to have government continue to grow at an uncontrolled rate."
"The Lower Property Taxes Initiative I-1033 puts a reasonable cap on our overall tax burden, requiring excess tax revenues collected about the cap used to substantially reduce property tax bills."

How much will I-1033 lower a property tax bill?"
According to supporters, "The amount of reduction will be different every year. The greater the excess revenue collected by the government, the larger the property tax reduction that year. When government revenues are surging during strong economic growth, it'll knock 40% off your property tax bill. When government revenues are growing at a steady pace during regular economic times, it'll cut it by 1/3. Other years, it'll lower it by 25%. Some years, 10% less."