This bill amends RCW 82.46.075 to allow all counties in Washington State to impose a real estate excise tax specifically for the development of affordable housing, contingent upon voter approval. The tax rate is set at 0.5 percent of the selling price of real property, with the proceeds designated exclusively for affordable housing initiatives, including acquisition, construction, rehabilitation, and maintenance for low-income individuals and those with special needs. The revenues will be managed in an affordable housing account, with disbursements made through a competitive grant and loan process to eligible nonprofit housing providers and public agencies.

Additionally, the bill outlines the process for voter approval, requiring a majority vote for the tax to be imposed, either following a resolution from the county legislative authority or through a petition signed by at least 10 percent of the voters from the last general election. The bill also specifies that the tax obligation will be shared between the purchaser and seller, with at least 0.5 of the obligation falling on the purchaser. Furthermore, it mandates that a plan for the expenditure of the tax proceeds be prepared and public input be sought prior to the election or within six months after voter approval, ensuring transparency and community involvement in the use of the funds.

Statutes affected:
Original Bill: 82.46.075