WA SB5986

Reduces property assessed valuation by $50,000 for each qualifying tenant who receives Social Security disability insurance or VA disability compensation (40% or higher rating or total disability rating)

Qualifying tenants must have resided at the property for at least nine months during the calendar year of application and be retired from regular employment due to disability

Requires property owners to pass at least 80% of the property tax savings to qualifying tenants through reduced, eliminated, or refunded rental payments within the same calendar year

Applies to both single-family and multiple-family residential properties, excluding hotels and motels

Property owners must submit applications to county assessors; applications filed in the current year apply to property taxes collected the following year