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, as defined in the bill. The bill also introduces new requirements for claiming this exemption, including an attestation under penalty of perjury that the total replacement cost of the taxable personal property is less than $50,000, or a complete list of the property if it exceeds that value. Additionally, it clarifies definitions related to personal effects, private motor vehicles, and mobile homes.

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