Washington HB1040 modifies property tax exemptions for certain income levels and rental income reporting.

Washington HB1040 amends property tax exemption rules for eligible individuals, adjusting income thresholds and clarifying rental income reporting. It specifies that short-term rental income must be reported as income. The bill defines terms such as "cotenant," "county median household income," and "disposable income." It sets income thresholds for eligibility based on county median household income and adjusts these thresholds every three years. The bill applies to taxes levied for collection in 2027 and later, and it clarifies that certain exemptions do not apply to this act.

Washington HB1040 modifies property tax exemptions for certain income levels and rental income reporting.

Washington HB1040 amends property tax exemption rules for eligible individuals, adjusting income thresholds and clarifying rental income reporting. It specifies that short-term rental income must be reported as income. The bill defines terms such as "cotenant," "county median household income," and "disposable income." It sets income thresholds for eligibility based on county median household income and adjusts these thresholds every three years. The bill applies to taxes levied for collection in 2027 and later, and it clarifies that certain exemptions do not apply to this act.