This bill establishes a new homestead exemption for seniors, individuals retired due to disability, and veterans with disabilities in Washington State. Specifically, it introduces a property tax exemption of up to $150,000 of the assessed value of a residence for those with a combined disposable income of $65,000 or less, effective for taxes levied for collection in 2027 and beyond. Eligible claimants must be at least 61 years old, retired due to disability, or veterans with a service-connected disability rating of 40% or higher. The exemption is designed to be in addition to existing property tax exemptions and requires claimants to file a declaration and renewal declaration with their county assessor.

The bill outlines various conditions for maintaining the exemption, including requirements for residency and ownership of the property. It also stipulates that the exemption cannot exceed the amount of property taxes that would otherwise be levied on the residence. Additionally, the bill mandates that county assessors provide information about the exemption on property tax statements and publicize the qualifications for claiming it. The legislation includes provisions for audits, appeals, and the handling of late filings, ensuring that the process is transparent and accessible for eligible individuals.