This bill aims to increase the personal property tax exemption in Washington State by amending existing laws. Specifically, it raises the exemption amount from $15,000 to $40,000 for personal property owned by individuals, now referred to as "a person" instead of "head of a family." The bill also introduces new requirements for businesses to attest that their taxable personal property is valued under the new exemption limit. Additionally, it clarifies definitions related to personal effects, private motor vehicles, and mobile homes, while removing outdated language regarding the definition of "head of a family."

The bill includes a contingent effective date, stating that the new exemption will take effect on January 1, 2024, only if a proposed amendment to Article VII, section 1 regarding the personal property exemption is approved by voters in the next general election. If the amendment is not ratified, the provisions of this act will be void. Furthermore, the bill specifies that certain existing laws related to tax assessments do not apply to this act, streamlining the process for implementing the new exemption.

Statutes affected:
Original Bill: 84.36.110
Substitute Bill: 84.36.110, 84.36.120, 84.48.065