Housing Finance Commission

From the 2024 DOR Tax Exemption Study

84.36.135 - Housing Finance Commission Description Real and personal property owned by the Washington State Housing Finance Commission is exempt from property tax. Purpose Reflects the legislative policy not to tax property owned by governmental-type operations. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Minimal Minimal Minimal Minimal Local Taxes Minimal Minimal Minimal Minimal Repeal of Repealing a property tax exemption would not increase state revenues. The repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. The repeal may decrease the local rate. Local taxing districts at their statutory maximum may experience a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 Minimal Minimal Minimal Assumptions - The total estimated exempt value is $223,000. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Growth rate mirrors the property tax growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast.