No. The cost of housing (land, construction, taxes, etc.) is just a small part of the market forces that drive rental costs. Right now, rents are rising because there is more demand than supply. The levy will create more housing, increasing the supply and putting downward pressure on everyone’s rents. The downward pressure from increased supply will offset any upward pressure from a small increase in costs. Further, the levy will do this while making housing that is affordable for people making less than half of the community’s average income, which the market has been unable to do on its own.
If you are a senior citizen and/or disabled with your primary residence in Washington State, the Property Tax Exemption for Senior Citizens and Disabled Persons program may help you pay your property taxes. Under the exemption program, your residence’s assessed value is frozen and you will be exempt from excess and special levies resulting in a reduction in your property taxes. The reduction in property taxes from participating in this program does not place a lien against the property.