WA SB6162

Expands senior citizen property tax exemptions by increasing income thresholds to 60%, 70%, and 80% of county median household income (from 50%, 60%, 70%) for taxes collected in 2027 and thereafter, and raises the maximum exempt residence valuation to $200,000-$500,000 depending on income level

Increases the property tax deferral program income threshold to 90% of county median household income (from 75%) for taxes levied for collection in 2027 and thereafter

Adds a new $7,500 standard deduction per person ($15,000 for couples) when calculating combined disposable income for exemption eligibility, and allows up to $6,000 in rental income from accessory dwelling units to be excluded

Requires all property tax statements to identify the state property tax as the "state school levy" for transparency purposes

Consolidates the state property tax into a single levy at $2.06021 per $1,000 of assessed value for 2027 (reduced from $3.60), eliminating the separate "additional state property tax" structure; applies to taxes levied for collection in 2027 and thereafter