Bill > HB2024

This bill creates a primary residence property tax exemption designed to help homeowners maintain housing stability by reducing their state property tax burden. The exemption, which would take effect in 2028, allows homeowners to exempt either $100,000 of assessed value or 60 percent of their county's median residential assessed value, whichever is greater. Homeowners must apply for the exemption by filing an application with the state department, and the property must be their principal residence (occupied 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. Notably, the exemption is intended to prevent displacement, particularly for middle-class and working families, by treating primary residences differently from other real property. The bill includes provisions to verify eligibility, prevent multiple exemptions, and ensure that cooperative housing associations pass tax savings to their members. The implementation of this exemption is contingent upon voter approval of a related constitutional amendment, and the state will provide funding to counties to help administer the program. The overall goal is to provide tax relief that helps residents maintain their homes and remain in their communities, especially those on fixed incomes or at risk of financial instability.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=2024&Year=2025&Initiative=false