The bill amends RCW 84.36.560 to provide tax exemptions for unoccupied properties owned by nonprofit entities that are intended for affordable housing. It specifies that if a property is unoccupied at the time of application or becomes unoccupied due to renovations, it can still qualify for a property tax exemption if it will be used for the exempt purpose within three assessment years. The nonprofit must demonstrate a commitment to financing the property for housing qualifying households and must express intent to convert the property for this purpose. Additionally, any portion of the property that would qualify for exemption upon completion of renovations is also included.

The bill also clarifies the definitions of terms such as "qualifying household," which is defined as individuals or families with incomes at or below 60 percent of the median income, adjusted for family size. It emphasizes that the property must be used exclusively for the purposes for which the exemption is granted, and it allows for partial exemptions if less than 75 percent of the units are occupied by qualifying households. Furthermore, it states that the nonprofit entity may agree to make payments to local governments for services provided, but these payments cannot exceed the amount of the last annual tax levied on the property prior to the exemption.

Statutes affected:
Original bill: 84.36.560