Entities using property for low income housing

From the 2024 DOR Tax Exemption Study

82.45.010(3)(v) - Entities using property for low income housing Description Transfers of real property to a qualifying grantee who uses the property for low- income housing and qualifies for certain real and personal property tax exemptions are not subject to state or local real estate excise tax. Purpose To increase the availability of affordable housing for low-income persons. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.649 $0.754 $0.826 $0.926 Local Taxes $0.182 $0.236 $0.266 $0.254 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.680 $0.826 $0.926 Local Taxes $0.000 $0.213 $0.266 $0.254 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the REET growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - The department electronically receives transaction-level REET data from 36 counties. No estimates are made for the three counties not reporting data electronically. - Property sales price growth mi