WA HB1867

Counties may impose an additional real estate excise tax of up to 0.5% of the selling price on property transactions, with proceeds used exclusively for affordable housing development for very low, low, and moderate-income persons and those with special needs

Cities may impose the same 0.5% excise tax if their county has adopted a resolution declining to impose the tax, or if the county has not imposed it by January 1, 2027; counties must credit cities for any overlapping tax already imposed

The tax requires approval by a majority of voters for a specified period and maximum rate, with the ballot measure initiated either by legislative resolution or petition signed by 10% of voters from the preceding general election

Tax revenues must be placed in an affordable housing account with disbursements made through a competitive grant and loan process to eligible recipients including nonprofit housing providers, housing authorities, and public agencies

Removes the previous requirement that counties must first impose a tax under RCW 82.46.070 at maximum rate by January 1, 2003 before using this affordable housing tax authority