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Wealthy Towns Struggle with Tax Caps | Seattle News
A billionaire’s dream town is on the brink of collapse—Clyde Hill, where homes average over $4 million, is facing bankruptcy unless voters approve a massive tax hike. With state laws locking property tax increases at just 1% annually, even the wealthiest communities can’t keep up with rising costs. Residents brace for a 72% tax jump, while city leaders admit there’s no budget fat to cut. If voters say yes in November, homeowners could pay nearly $1,000 more. But the real shocker? Even the richest towns are struggling—hinting that the entire system is broken, and poorer communities are already…
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