This bill amends RCW 82.46.075 to allow counties and cities in Washington 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, and the proceeds must be used exclusively for affordable housing initiatives, including acquisition, construction, rehabilitation, and maintenance for low-income individuals and those with special needs. If a county does not impose this tax by January 1, 2027, cities within that county may then impose the tax.

Additionally, the bill establishes that revenues from this tax will be placed in an affordable housing account managed by the respective county or city, with disbursements made through a competitive grant and loan process. The legislative authority of the county or city will determine the application process and criteria for funding. The bill also clarifies that the tax obligation falls on both the purchaser and seller, with at least half of the obligation assigned to the purchaser, and outlines the necessary voter approval process, including the requirement for a majority vote and the timeline for submitting ballot propositions.

Statutes affected:
Original Bill: 82.46.075