Bill > SB6256

This bill modifies existing law to allow nonprofit entities to receive property tax exemptions for unoccupied property that will be used for affordable housing, extending the timeframe for this exemption from two to three assessment years if the property is unoccupied at the time of initial application or becomes unoccupied due to renovations. This exemption is contingent on the nonprofit entity having secured financing for the property's acquisition, construction, or renovation for affordable housing purposes from specific federal, state, or local sources, and demonstrating a written commitment to convert the property for such use, with only the portion intended for affordable housing qualifying for the exemption. The bill also clarifies that any portion of the property that would otherwise qualify for exemption under other sections of law upon completion of renovations is indeed exempt under these new provisions.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=6256&Year=2025&Initiative=false