Bill > SJR8210

This joint resolution proposes a constitutional amendment for the state of Washington to limit how much the assessed value of real property can increase each year. "Assessed value" refers to the value of property used for calculating property taxes, and "real property" means land and any permanent structures on it. The amendment would cap annual increases in assessed value to the lesser of one percent or the rate of inflation, starting January 1, 2027. However, if there's a change in ownership of the property, the assessed value would be reset to its true and fair market value on January 1st of that year and then subject to the same annual growth limit. New construction or improvements would be added to the assessed value in the year they are completed. This change would apply to taxes collected from 2028 onwards, and the legislature would be empowered to pass laws to put these requirements into effect.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=8210&Year=2025&Initiative=false