What is a property tax exemption?

A property tax exemption is a special tax break that a person or organization can receive when owning or leasing property in Washington. It exempts the owner from paying a certain amount of property taxes, either temporarily or permanently. This can be in the form of a predetermined dollar amount or a percentage of the total assessed value of the property. In Washington, many property tax exemptions are available to certain individuals, organizations, and businesses. These exemptions are granted by the state, county, or city where the property is located. Common exemptions can include those for seniors, disabled persons, veterans, and certain types of businesses or organizations. Generally speaking, an exemption is designed to reduce the burden of the property tax on individuals or groups that are struggling financially or demonstrate some type of need for the tax break. However, exemptions can also be granted for other reasons, such as preserving historic properties or promoting economic growth. Overall, property tax exemptions are a vital tool for helping certain individuals and organizations pay less in taxes. In Washington, these exemptions are available to those that are eligible based on their unique situation.

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