This bill introduces a new property tax exemption for senior citizens aged 75 and older, exempting them from state and local property taxes regardless of their household income. The exemption applies to real property that serves as the claimant's principal residence and continues for subsequent years as long as the claimant remains eligible. The bill allows for the transfer of exemption status to a new residence if the claimant sells or is displaced from their home, and it also accommodates situations where the claimant is temporarily confined to a care facility, provided certain conditions are met.

Additionally, the bill clarifies ownership requirements for claiming the exemption, stating that the claimant must own the residence outright or have a qualifying interest in it, such as a life estate or a share in a cooperative housing arrangement. It specifies that a residence owned by a marital community or domestic partnership can qualify for the exemption if at least one partner meets the age requirement. The bill also states that existing laws, RCW 82.32.805 and 82.32.808, do not apply to this act, and it will take effect for taxes levied for collection in 2026 and thereafter.