This bill aims to increase the personal property tax exemption in Washington State by amending existing laws. Specifically, it raises the exemption limit from $15,000 to $50,000 for personal property owned by individuals, while also clarifying that this exemption does not apply to private motor vehicles or mobile homes. The bill introduces new requirements for individuals claiming the exemption, including an attestation under penalty of perjury regarding the value of their taxable personal property and stipulating that only one exemption can be claimed statewide per calendar year. Additionally, definitions for "personal effects," "private motor vehicle," and "mobile home" are provided to clarify the types of property covered under the exemption.

Furthermore, the bill includes provisions for the cancellation or correction of erroneous assessments by county assessors and treasurers, ensuring that taxpayers are notified of any changes and their rights to appeal. A new section states that certain existing laws do not apply to this act, and it establishes a contingent effective date of January 1, 2026, contingent upon voter approval of a proposed amendment to the state constitution regarding the personal property exemption. If the amendment is not ratified, the provisions of this act will be void.

Statutes affected:
Original Bill: 84.36.110, 84.36.120, 84.48.065