Providing housing safety, security, and protection by creating the primary residence property tax exemption.

SB 5770 creates a new state property tax exemption for Washington homeowners' primary residences, reducing taxes on a portion of their home's value. The exemption equals the greater of $100,000 or 60% of the county's median home value (updated annually), applied to state taxes only (not local taxes). Homeowners must apply yearly by April 1st with proof of residency and personal information like Social Security numbers, and it applies to all primary homes including community land trusts and cooperatives. The bill aims to prevent displacement and help middle- and fixed-income families maintain housing stability by making home ownership more affordable. This policy change directly affects homeowners who qualify as primary residents, with the exemption taking effect for taxes levied in 2028 and later.