HB 1494: Providing housing safety, security, and protection for Washington families by creating the anti-displacement property tax exemption

HB1494 intends to prevent more loss of real property and the displacement of working families, black, indigenous, and people of color communities, and elders by exempting a portion of tax of one's primary residence. HB1494 will lower the inequities of cost of homeownership and responsibility of taxation, with the goal of making sure individuals can reside, raise their families, age in place, and stay in the communities they call home, without fear of displacement due to crises and/or increase in land and home value assessment. This is a means of providing equity in the tax code and serves as an anti-displacement tool for land trusts, cooperative owners, and homeowners across Washington.