Bill > SJR8205

This joint resolution proposes a constitutional amendment to provide property tax relief for homeowners in Washington state. Specifically, it would allow the state legislature to create a homestead property tax exemption for taxes levied for state purposes on a person's principal residence. The proposed amendment would permit an exemption of up to $250,000 from the equalized assessed valuation of qualifying properties. To prevent the exemption from shifting the tax burden to other properties, the state levy would be adjusted to maintain an equivalent tax rate. The legislature would have the flexibility to establish annual increases to the exemption amount and set additional limitations or conditions on the tax relief. The resolution requires the secretary of state to submit this proposed constitutional amendment to voters at the next general election, with a requirement to publish notice of the amendment in legal newspapers at least four times in the four weeks preceding the election.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=8205&Year=2025&Initiative=false