HB2024 creates a primary residence property tax exemption in Washington, exempting a portion of a residence's assessed value from state property.

HB2024 establishes a primary residence property tax exemption in Washington, exempting a portion of a residence's assessed value from state property taxes. The exemption applies to a principal place of residence, including single-family dwellings, community land trusts, and cooperative ownership. To qualify, claimants must own or hold a life estate in the residence and file an application by April 1st each year. The exemption amount is the greater of $100,000 or 60% of the county median residential assessed value.

HB2024 creates a primary residence property tax exemption in Washington, exempting a portion of a residence's assessed value from state property.

HB2024 establishes a primary residence property tax exemption in Washington, exempting a portion of a residence's assessed value from state property taxes. The exemption applies to a principal place of residence, including single-family dwellings, community land trusts, and cooperative ownership. To qualify, claimants must own or hold a life estate in the residence and file an application by April 1st each year. The exemption amount is the greater of $100,000 or 60% of the county median residential assessed value.