This bill aims to provide tax relief to Washington residents affected by natural disasters, specifically the atmospheric river and winter weather events. It amends RCW 84.70.010 to allow for a reduction in the true and fair value of real or personal property that has been destroyed or diminished in value by more than twenty percent due to a natural disaster. The bill outlines the process for tax abatement based on the reduced value, stipulating that taxes levied in the year of the disaster can be abated in whole or in part. It also establishes a three-year limit for reductions and allows taxpayers to appeal the assessor's decisions.

Additionally, the bill introduces a new exemption for physical improvements made to qualifying single-family dwellings that have been damaged by natural disasters. This exemption lasts for three assessment years following the completion of the improvements, with specific application deadlines for taxpayers. Notably, the bill includes provisions for those who initiated construction before certain dates, allowing them to apply for the exemption retroactively. The bill clarifies definitions related to qualifying single-family dwellings and improvements, ensuring that the tax relief measures are effectively targeted to those most impacted by natural disasters. Furthermore, it specifies that certain existing laws do not apply to this act and that the provisions will take effect for taxes levied in 2027 and beyond.

Statutes affected:
Original bill: 84.70.010
Substitute bill: 84.70.010