WA SJR8205

Proposes a constitutional amendment to Article VII allowing the legislature to create a homestead property tax exemption for state property taxes on owner-occupied principal residences

Exemption may reduce assessed valuation by up to $250,000 for qualifying properties

Requires state levy rates to be reduced as necessary to prevent the exemption from shifting tax burden to higher-valued homes and non-exempt properties

Authorizes the legislature to provide annual increases to the maximum exemption amount and to impose additional limitations and conditions

Amendment would be placed on the ballot at the next general election for voter approval, with required publication in legal newspapers four times during the four weeks before the election