Washington 2023-2024 Regular Session

Washington House Bill HB2012

Introduced
1/8/24  
Refer
1/8/24  
Report Pass
1/23/24  
Refer
1/25/24  
Engrossed
2/12/24  
Refer
2/14/24  
Report Pass
2/16/24  
Refer
2/20/24  
Report Pass
2/26/24  
Enrolled
3/6/24  
Chaptered
3/15/24  

Caption

Concerning eligibility for a property tax exemption for nonprofits providing affordable rental housing built with city and county funds.

Impact

The passage of HB 2012 has the potential to reshape state laws regarding property taxation for nonprofits engaged in housing. By simplifying and broadening the eligibility for tax exemptions, it could incentivize more nonprofits to enter the affordable housing sector. Furthermore, municipalities might see an increase in partnerships with nonprofits to develop housing solutions. However, the bill could also lead to concerns among local governments about the loss of property tax revenue, which could in turn impact funding for local services.

Summary

House Bill 2012 addresses the eligibility criteria for property tax exemptions specifically for nonprofits that provide affordable rental housing constructed with city and county funds. The legislation aims to clarify and expand the instances under which these organizations can receive property tax relief, thus promoting the development of affordable housing in communities. Supporters believe this measure could significantly benefit local housing initiatives by enabling nonprofits to allocate more resources toward housing projects rather than tax payments, ultimately aiding those in need of affordable housing options.

Sentiment

The sentiment surrounding HB 2012 appears to be generally supportive among legislators advocating for affordable housing. Proponents argue that this bill is essential to addressing the ongoing housing crisis by expanding resources available to nonprofits. Yet, there is some apprehension among local authority representatives who fear the implications of decreased tax revenue and the sustainability of local budgets should more organizations qualify for exemptions.

Contention

Notable points of contention involve the balancing act between fostering affordable housing solutions and preserving local government funding. Critics question whether increasing the number of nonprofit organizations eligible for tax exemption could create a financial burden on localities in the form of lost revenue. While the bill enjoys support from housing advocates, it has prompted discussions about how far the expansion of tax exemptions should go without jeopardizing local fiscal health.

Companion Bills

No companion bills found.

Previously Filed As

WA SB6065

Concerning the property tax exemption for cities or counties providing affordable housing to qualifying households.

WA SB5747

Concerning an exemption for affordable housing.

WA LB1346

Provide a property tax exemption for qualified affordable housing developments

WA HB2219

Providing tax relief for nonprofit development of affordable housing.

WA HB1560

Providing property tax relief by expanding eligibility for the senior citizen and disabled veterans' property tax exemption program.

WA HB1052

Providing a property tax exemption for qualified real and personal property owned or used by a nonprofit entity in providing qualified housing funded in whole or part through a local real estate excise tax.

WA SB5118

Revised for 1st Substitute: Modifying the multifamily property tax exemption to promote development of long-term affordable housing.Original: Concerning modifying the multifamily property tax exemption to promote development of long-term affordable housing.

WA SB5587

Concerning affordable housing development in counties not closing the gap between estimated existing housing units within the county and existing housing needs.

WA SB5647

Providing a real estate excise tax exemption for the sale of qualified affordable housing.

WA SB5398

Concerning property tax exemptions for veterans with disabilities.

Similar Bills

No similar bills found.