(The Center Square) – Amid a push to raise the annual cap on property tax increases statewide, Sen. Phil Fortunato, R-Auburn, wants the Legislature to exempt around 500,000 senior citizens altogether.
Fortunato proposed Senate Bill 5020 earlier this month. If approved, the measure would exempt all “real property” owned by individuals over 75 years old. According to 2023 U.S. Census data, more than 487,000 Washingtonians, or about 6.3% of the state population, fall within that range.
While not all 487,000 own homes or land, exempting even a fraction of those property taxes would impact the state’s finances, not to mention recent budget projections. Two weeks ago, Gov. Jay Inslee announced revenue shortfalls as high as $16 billion over the next four years.
Inslee’s address included proposals for billions in new taxes, which Senate Democrats followed days later with a leaked email including $15 billion in increases of their own. One option was increasing the annual cap on property tax increases from 1% to 3% .