The bill creates a new homestead exemption by adding a new section to chapter 84.36 RCW. For taxes levied for collection in 2027 and thereafter, it exempts up to $150,000 of assessed value of a claimant’s principal residence for persons with combined disposable income at or below $65,000. Eligible claimants are individuals age 61 or older on December 31 of the filing year, persons retired from regular gainful employment by reason of disability at time of filing, or veterans with a VA combined service‑connected rating of at least 40 percent or a total disability rating. The exemption is in addition to and applied after the exemptions in RCW 84.36.379–84.36.389 and cannot reduce tax by more than the property taxes otherwise levied on the residence. The bill establishes filing, renewal, and administrative procedures: claimants must use department‑ or county assessor‑approved forms signed under penalty of perjury and return the declaration to the county assessor by June 30 for state taxes payable the following year, subject to specified exceptions. A homestead exemption continues for up to six consecutive years unless a renewal declaration is filed; assessors must notify claimants of the six‑year renewal requirement at least once every six years (no later than March 1) and renewals are due by June 30 of the year of notification. The bill defines residence broadly to include single‑family dwellings, fixed manufactured/mobile homes, and floating homes, and it specifies ownership conditions, limits one exemption per calendar year, allows transfers to replacement residences after sale or displacement, and sets temporary‑absence rules for certain institutional care settings. The act includes administrative and enforcement provisions: county assessors must make forms available and may deny or cancel exemptions that do not meet qualifications; denials or cancellations are appealable under RCW 84.48.010 and RCW 84.40.038. County treasurers must collect taxes erroneously exempted for up to six years with interest but without penalties, and those amounts become liens and are extended on the tax roll as provided in chapter 84.60 RCW. Cooperatives (including mobile home park and manufactured housing cooperatives) must apply or pass through tax savings to members in proportion to each member’s exemption; the bill defines an “unused portion” of a member’s exemption for cooperative situations. The department named in the bill is empowered to approve forms, publicize the exemption, audit claims, and adopt rules under chapter 34.05 RCW. The act also preserves existing rights and liabilities under any sections amended or repealed, applies to taxes levied for collection in 2027 and thereafter, and expressly states that RCW 82.32.805 and RCW 82.32.808 do not apply to the act. The extracted text does not identify the specific department referenced, the full set of definitions promised in one subsection, or any other sections that may be amended or repealed, so those details are missing from the provided facts.

If enacted, the bill would give eligible homeowners — people age 61 or older, those retired from regular work due to disability, or veterans with a qualifying VA disability rating — and with combined disposable income at or below $65,000 a new homestead exemption that removes up to $150,000 of assessed value from their property tax bill for taxes levied for collection in 2027 and after. This exemption is applied in addition to existing homestead exemptions, must be claimed on approved forms by June 30 for the following year’s state taxes (with renewal rules every six years), and requires cooperatives and mobile home park cooperatives to pass the full tax savings on to members; it therefore will likely lower property tax bills for many lower‑income seniors, disabled homeowners, and eligible veterans while reducing state/local tax receipts to that extent. County assessors and the unnamed state department must create and publicize forms, accept and review claims, notify claimants about renewals, and may be audited, so counties will face added administrative work and outreach costs; county treasurers must recover taxes if exemptions were improperly granted (up to six years) with interest but no penalties. The text omits the identity of “the department” and some definitions promised in a later subsection, so exact administrative responsibilities and some implementation details remain unclear.