This bill introduces a property tax exemption for qualifying housing occupied by tenants who meet specific disability criteria. A new section is added to chapter 84.36 RCW, which stipulates that the assessed valuation of qualifying housing will be reduced by $50,000 for each qualifying tenant. To claim this exemption, property owners must submit an application to the county assessor, providing evidence that tenants are receiving social security disability insurance or are veterans receiving compensation from the Department of Veterans Affairs. Additionally, at least 80% of the property tax savings must benefit the qualifying tenants through reduced rental payments.

The bill defines key terms such as "disability," "qualifying housing," and "qualifying tenant," establishing eligibility criteria for tenants, which include a minimum residency period and specific disability or veteran status. The exemption amount cannot exceed the assessed value of the property. Furthermore, the bill specifies that certain existing laws (RCW 82.32.805 and 82.32.808) do not apply to this act, indicating a tailored approach to the implementation of this property tax exemption.