WA HB2621

Expands senior citizen property tax exemptions by increasing income thresholds to 60%, 70%, and 80% of county median household income for calendar year 2027 and thereafter, and raises the maximum exempt residence valuation from $70,000 to $200,000 for income threshold 2 and establishes a $500,000 cap for income threshold 1

Increases the property tax deferral program income threshold from 75% to 90% of county median household income beginning in calendar year 2027

Allows qualifying homeowners to deduct up to $6,000 per year in rental income received from renting living space in their principal residence when calculating combined disposable income for exemption eligibility

Requires county tax statements to identify the state property tax as the "state school levy" and consolidates the two-part state property tax into a single levy of $2.06021 per $1,000 of assessed value for taxes collected in calendar year 2027

Applies to taxes levied for collection in 2027 and thereafter