This bill amends state law to create a new statewide personal property tax exemption by changing RCW 84.36.110 and related statutes. If approved by voters through a referenced constitutional amendment, Section 1 establishes an exemption of $50,000 of true and fair value for a person’s taxable personal property (excluding household goods/personal effects, private motor vehicles, and mobile homes), requires the claimant to attest under penalty of perjury that either the total replacement cost new is under $50,000 or to provide a complete list of property so the assessor can apply the exemption and tax the remainder, and limits a claimant to one such exemption statewide per calendar year. The bill also amends RCW 84.36.120 to define “personal effects,” “private motor vehicle,” and “mobile home.” The exemption is effective January 1, 2026 only if the specified amendment to Article VII, section 1 of the state Constitution (referenced as House Joint Resolution No. H-0049/25 in the text) is validly submitted and approved by voters at the next general election; if that amendment is not approved, Section 1 is void. The bill also changes procedures for correcting or canceling assessments for manifest errors by amending RCW 84.48.065. It imposes a three-year limit on making manifest error cancellations or corrections measured from the period preceding discovery, except that a county legislative authority may authorize corrections more than three years prior where the correction would produce a refund or reduction of taxes. Corrections that require revaluation must meet conditions such as assessor/taxpayer agreements and prior certification of the assessment roll; in non-land-use-change cases a timely petition to the county board of equalization for the current assessment year must have been filed and the board must not yet have held a hearing. The bill adds a provision that RCW 82.32.805 and RCW 82.32.808 do not apply to this act. Amended or affected authorities include county assessors, county treasurers, county legislative authorities, county boards of equalization, taxpayers/property owners, and certain state and local entities. The extracted text does not include the full language of the referenced constitutional amendment (House Joint Resolution) or the contents of RCW 82.32.805 and 82.32.808.

If voters approve the referenced constitutional amendment, starting January 1, 2026 most people will be able to exclude up to $50,000 of taxable personal property from their property tax bills (this does not cover household goods, private cars, or mobile homes). Claimants must sign a sworn attestation and may claim only one exemption statewide per year; if their property exceeds $50,000 they must provide a full list so the assessor can apply the exemption and tax the remainder. That will directly reduce tax bills for many small property owners and lower the taxable base that county and other local taxing districts collect from. County assessors and treasurers will need to process and verify the new exemption claims and adjust assessments, and county legislative authorities have more limited time and conditions for correcting past assessment errors (generally three years unless the county authorizes a refund or reduction). The change likely reduces revenues for taxing districts and shifts administrative workload to county offices; the precise fiscal impact and how other laws (RCW 82.32.805 and 82.32.808) interact are not provided here, and the whole exemption only takes effect if the constitutional amendment is validly submitted and approved by voters.