The bill amends RCW 84.36.381 to provide a property tax valuation freeze for senior citizens and disabled veterans. It establishes that individuals who qualify for the exemption, regardless of their income level, will have their property assessed at the value from either January 1, 1995, or January 1 of the assessment year in which they first qualify. The bill also clarifies that if a person fails to qualify for more than one year in succession, the valuation upon requalification will be based on the assessed value on January 1 of the assessment year in which they requalify. Additionally, if the exemption is transferred to a different residence, the valuation will be based on the assessed value of that new residence on January 1 of the assessment year in which the transfer occurs.

Furthermore, the bill introduces a new section stating that the provisions will apply to taxes levied for collection in 2026 and thereafter. This change aims to ensure that eligible senior citizens and disabled veterans can maintain their property tax exemptions without being penalized by fluctuations in income or property value, thereby providing them with financial stability.

Statutes affected:
Original Bill: 84.36.381