Lawmakers meet on the Senate floor, Thursday, March 10, 2022, at the Capitol in Olympia. (AP File Photo/Ted S. Warren)
(OLYMPIA, Wash.) — State lawmakers have unanimously approved a measure to raise the income threshold to qualify for property tax exemptions.
Instead of a single, statewide limit, each county will have its own limit tied to the local median income.
“King County’s median household income is $103,000 while the Stevens County median household income is $47,000,” said Thurston County Assessor Steven Drew during public testimony on the bill.
Additionally, there were concerns that increased Social Security benefits could push seniors over the limit, which in King County is about $58,000. Under the new legislation, that would increase to $72,000.
But if signed by the governor, House Bill 1355 won’t take effect until tax year 2024, meaning it will be a while before property owners see any benefit.
