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RES2867 CITY OF RENTON, WASHINGTON RESOLUTION NO. 2867 A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, OPPOSING INITIATIVE 559 WHICH WOULD PLACE NEW LIMITATIONS ON PROPERTY TAX ASSESSMENTS WITHIN THE STATE OF WASHINGTON. WHEREAS, Initiative 559 will be on the statewide ballot in November of 1991;. and WHEREAS, Initiative 559 will attempt to provide tax relief by altering property assessment, rather than the actual tax; and WHEREAS, Initiative 559 will shift more of the tax burden to moderate and lower valued property since the value of such homes will not change or will only receive a minor adjustment; and WHEREAS, Initiative 559 will result in a tax break for the owners of higher priced properties by significantly reducing their values; and WHEREAS, Initiative 559 will increase the cost of doing business by shifting the tax burden from some residential to business property; and WHEREAS, Initiative 559 will discriminate against first time buyers and existing property owners who move to a new home, by taxing their property at a higher rate; and WHEREAS, Initiative 559 will impair local governments' ability to provide police, fire, and other services by decreasing its revenues . NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,. WASHINGTON, DO RESOLVE AS FOLLOWS : 1 RESOLUTION NO. 2867 SECTION I . The above recitals are found to be true and correct in all respects . SECTION II . The City of Renton strongly opposes Initiative 559 and encourages voters to reject Initiative 559 during the general election this fall . PASSED BY THE CITY COUNCIL this 21st day of October 1991 . "Marilyn4etlers�en, City Clerk . APPROVED BY THE MAYOR this 21st day of October , 1991 . r � Ea'r1 lymer, Mayo Approv as to form: Lawrence J. ren, City Attorney RES . 159 : 10-16-91 :as . 2