This bill amends RCW 82.46.075 to authorize counties to impose an additional real estate excise tax (REET) on real property sales of up to 0.5 percent of the selling price, subject to voter approval, and allows cities to impose the same tax in a city if the county has adopted a resolution of intent not to impose the tax or has not imposed it by January 1, 2027. Proceeds must be used exclusively for developing affordable housing (acquisition, construction, rehabilitation, maintenance and operation) for very low, low, and moderate-income persons and those with special needs. If a county imposes the tax after a city in that county has already done so, the county must credit taxpayers for the full amount of the city tax. The bill creates procedural and administrative rules: revenues must be held in an affordable housing account administered by the county or city and disbursed through a competitive grant and loan process with application and approval criteria set by the local legislative authority. Eligible recipients include private nonprofit affordable housing providers, local housing authorities, and public-agency housing programs (including public–private partnerships). The tax is imposed in the same manner and on the same occurrences as taxes under chapter 82.45 RCW, but the local legislative authority may place the tax obligation on both purchaser and seller, with at least one-half of the obligation being that of the purchaser. Enforcement may be by action for debt against purchaser or seller or by foreclosure of the lien on the property in the same manner as mortgage foreclosure. The tax becomes effective 30 days after the authorizing election. The bill sets voter-approval and petition procedures: no tax may be imposed unless approved by a majority of voters for a specified period and maximum rate; a citizen petition to place the measure requires signatures equal to at least 10 percent of the voters in the jurisdiction who voted in the preceding general election; the proposition must appear on the next general election at least 60 days after petition filing or at an earlier special election called for that purpose. If the measure is initiated by legislative resolution, a plan for expenditure must be prepared at least 60 days before the election; if initiated by petition, the plan must be adopted within six months after voter authorization and must follow at least one public hearing with consultation of elected city officials in the county. The extracted text appears to be the amended language of a single section (RCW 82.46.075) and references other statutes (chapter 82.45 RCW and RCW 82.46.070) whose text is not included here; full procedures or interactions with those statutes are therefore unclear from the provided material.

If enacted, counties could ask voters to add up to a 0.5% real estate excise tax dedicated solely to building, buying, rehabilitating, maintaining, and operating affordable housing, and cities could do the same if their county hasn’t adopted the tax by January 1, 2027 or if the county says it won’t. That would create a new local funding stream for nonprofit housing providers, local housing authorities, and public housing programs paid out through a county or city-run account and competitive grant and loan process, but it also means anyone buying or selling property in those jurisdictions would likely face an added transaction cost (up to 0.5% of sale price) with at least half of that cost assigned to the purchaser; nonpayment can be enforced as a debt or by lien foreclosure. Counties and cities would gain the option to raise targeted housing money but would also take on new responsibilities: preparing and adopting spending plans, holding required public hearings and city consultations, running competitive grant and loan programs, and managing voter petitions or ballot measures (petitioners must gather signatures equaling at least 10% of prior general election voters). The law’s interplay with other tax collection rules is referenced but not included here, so the exact collection and administrative procedures and some implementation details remain unclear.