Bill > HB1494

This bill creates the antidisplacement property tax exemption, which exempts a portion of the assessed value of a qualified residence from the state property tax levy. The exemption is intended to help prevent the displacement of working families, Black, Indigenous, and people of color communities, and elders due to rising property taxes. The exemption amount is up to $250,000 for taxes levied in 2024 and 2025, and may increase in subsequent years based on the growth of the state levy. The bill also creates the Washington Tax Justice and Equity Fund to offset revenue reductions from the exemption and fund other tax fairness policies. The bill is contingent on voter approval of a constitutional amendment providing for the residential real property tax exemption.