Bill > SB6201

This bill establishes tax exemptions for property used as affordable housing owned or operated by a social housing agency, which is defined as a public corporation created to develop, maintain, and operate mixed-income housing for low-income or moderate-income households for at least 99 years. Specifically, it amends existing laws to allow property owned or used by a social housing agency for rental housing to be exempt from taxation if at least 50% of the units are occupied by qualifying households (those earning at or below 80% of the median income) and the housing was financed or assisted through various federal, state, or local housing programs. If less than 50% of units are occupied by qualifying households, a partial exemption is granted based on the proportion of qualifying households. The bill also modifies definitions related to qualifying grantees and social housing, and it includes provisions for property tax exemptions for social housing agencies, requiring them to file an initial application and subsequent renewal declarations every three years. The changes related to property tax exemptions for social housing agencies are set to take effect for taxes levied for collection in 2027 and thereafter, with specific sections having different effective and expiration dates.

Budget and Finance, Housing and Urban Affairs

https://app.leg.wa.gov/billsummary?BillNumber=6201&Year=2025&Initiative=false