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WA SB5770

WA SB5770
Providing housing safety, security, and protection by creating the primary residence property tax exemption.


summary

Introduced
02/21/2025
In Committee
02/27/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT Relating to providing housing safety, security, and 2 protection by creating the primary residence property tax exemption; 3 amending RCW 84.48.010; adding new sections to chapter 84.36 RCW; 4 creating new sections; and providing a contingent effective date. 5

AI Summary

This bill creates a primary residence property tax exemption designed to help homeowners keep their properties by reducing state property tax burdens. The exemption would apply to taxes collected in 2028 and beyond, and would cover either $100,000 of assessed value or 60 percent of the county's median residential assessed value, whichever is greater. Homeowners must apply for the exemption by April 1st of the year prior to receiving it and must occupy the residence as their primary home for at least 184 days per year. The exemption applies to various housing types, including single-family homes, manufactured homes, cooperative housing, and community land trust properties. To qualify, homeowners must own the property and live on a tax parcel with fewer than five residences. The bill aims to prevent displacement, particularly for fixed-income residents, by providing tax relief that recognizes a home's importance beyond mere property value. Notably, the exemption is contingent on voter approval of a related constitutional amendment and will only take effect if that amendment passes. The state will also provide funding to counties to help administer the new exemption program, with counties receiving $5 per processed application annually to cover administrative costs.

Committee Categories

Budget and Finance

Sponsors (19)

Last Action

Senate Rules "X" file. (on 03/17/2025)

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