WA SB6295

Summary of SB 6295 - Homeowner and Renter Tax Relief

• Homestead exemption exempts the first $500,000 of assessed value from state property taxes for owner-occupied primary residences, beginning with taxes collected in calendar year 2028, with the exemption amount increasing annually based on state levy growth

• Renter's credit provides a refund equal to 2% of gross rent paid in the prior calendar year for renters whose residence is subject to property taxes, with claims filed annually through the Department of Revenue starting January 1, 2028

• Eligibility requirements mandate that homeowners file a declaration with the county assessor by June 30th (renewable every six years), while renters must submit proof of rent paid and a signed lease agreement to the department

• Enforcement provisions allow recovery of improperly claimed exemptions for up to six years with interest, and fraudulent renter's credit claims trigger a 50% penalty plus a 10-year ban from the program

• Constitutional contingency makes the entire act contingent on voter approval of a proposed constitutional amendment (Senate Joint Resolution S-4026/26) at the next general election, with an effective date of January 1, 2027 if approved