The Downtown Seattle Association has also reported that downtown lost approximately 30,000 jobs after Seattle adopted its JumpStart payroll tax in 2020. Between 2020 and 2025, downtown Seattle office-property values reportedly fell 48 percent, while downtown Bellevue office values increased 7 percent. This year, Washington Democrats approved a new 9.9 percent income tax on annual income above $1 million, a measure commonly called the “millionaire’s tax.” The legislation marked a dramatic departure for a state that had long promoted itself as having no personal income tax. Agents, he said, have already noticed that Seattle can no longer be marketed as a destination without a personal income tax.