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Critics Say Wealthy Will Benefit Most From WA I-1033

Ballots are arriving and Washington voters must decide Tim Eyman's latest initiative.

It would cap government revenues and also cut property taxes by an estimated $9 billion over the next five years. But critics say wealthy property owners and businesses stand to gain the most — not your average homeowner.

Austin Jenkins reports.

Eyman's I-1033 would cap state, county and city revenues at inflation plus population growth. That's about three percent a year.

Any tax collections above and beyond that would be refunded to property owners in the form of a property tax cut the following year.

Blogger and I-1033 opponent Steve Zemke calls it a giveaway to businesses and wealthy property owners.

Steve Zemke: "People that own investment properties, apartment buildings, people that own shopping malls like Kemper Freeman who owns Bellevue Square, they're going to benefit tremendously by 1033 if it passes."

Eyman dismisses the criticism.

Tim Eyman: "Some people are going to get more people than others, but to be honest with you the people who are going to feel the biggest impact on them on is the lower and middle class people."

Eyman estimates the average Washington homeowner would see a ten to twenty percent reduction in their annual property taxes.