Bill > HJR4207

This joint resolution proposes a constitutional amendment to provide property tax relief for homeowners in Washington State. Specifically, it would allow the legislature to create a homestead property tax exemption for state-levied taxes on principal residences, with the potential to reduce the taxable assessed value of qualifying properties by up to $250,000. The resolution includes important safeguards to prevent the exemption from shifting tax burdens to other properties, requiring state levy adjustments to maintain an equitable tax rate. Additionally, the amendment would grant the legislature flexibility to establish annual increases to the exemption amount, set additional limitations, and define specific conditions for the tax relief. If approved by voters at the next general election, this constitutional amendment would provide a mechanism for meaningful property tax reduction for homeowners, with the precise implementation details to be determined by future legislative action.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=4207&Year=2025&Initiative=false