As State and Local authorities increasingly encroach on property rights, and impose burdensome regulations and taxation, WBPA is committed to working with the legislature to hold the line and enact meaningful change. As a cross-industry defender and champion, we worked with partner organizations during the 2021 session to make headway on the following:
Key Legislative Wins for WBPA in 2021
- SB 5287 – Multi-Family Tax Exemption (MFTE) – Provides a property tax exemption to encourage building affordable housing units into market rate projects. Supported by a wide coalition of housing providers and stakeholders.
- HB 1189/SB 5211 – Tax Increment Financing (TIF) – Broad tool that allows a local government to finance public improvements using tax increment financing. TIF is allowed in more than 40 states and is supported by a wide coalition.
- HB 1332 – Housing Provider Property Tax Deferral – Defers property taxes by 6 months for any property showing a loss in 2020 and for 1 year after the end of the emergency. Establishes a COVID-19 property tax deferral loan account to make no-interest, 1-year term loans to local govt.
- SB 5096 – Removing Real Estate from State Capital Gains Tax – Precursor to a State Income Tax, proposed at 9%. Tax applies to all commercial real estate and residential real estate with 4 or more units.
- SB 5139 – Rent Control – WBPA is part of a broad coalition opposing this bill including the rental housing coalition, the bill would not allow rent increase for the first six months after the moratorium ends.
- Dual Agency Ban – While 42 states allow dual agency representation, this bill would prohibit dual agency and increase costs by prohibiting a broker from representing both parties in a transaction.
- Carbon Cap & Trade –
- State Payroll Tax – Proposed Seattle-style payroll expense tax on persons engaging in business in WA State.
- Reopening Procedures for Commercial Real Estate – WBPA continues to be involved with the Governor’s staff and lawmakers working on the process for reopening our industry.
- Transportation Package – WBPA has been involved with prior Transportation packages to ensure that they include WBPA’s priorities.
- Green Energy/Environmental Mandates – WBPA continues to monitor green energy and environmental proposals introduced in the Legislature to ensure that they are workable for commercial real estate members.
- SB 5282 – COVID Property Value Reassessment – This bill allows for revaluation of the 2021 property taxes (up to 3 years to petition) if the property value has been reduced by at least 20% due to government use restrictions. Also waives interest and penalties when in a payment plan.
- SB 5039 – Limiting the Governor’s Emergency Powers – Clarifies that the Governor can’t extend an emergency order longer than 30 days without legislative approval.
- HB 1035 – Preservation Tax Credit – Provides a property tax exemption to preserve affordable housing for units over 25 years old who meet deep affordability requirements.
- SB 5136 – Supplemental Rental Assistance – Governor’s supplemental budget containing $100 million in residential rental assistance.
- SB 5160 – Restrictions on Housing Provider – Makes sweeping changes to RLTA. Imposes 2-year restrictions on housing providers rights, requires payment plans, and prohibits housing providers from requiring tenants to pay rent owed during moratorium period.
- HB 1277 – Huge Increase in Document Recording Fee – Adds $100 to the document recording fee to fund the “Home Security Fund Account”.
- HB 1236 – Forced Lease Renewal (Just Cause) – Creates a perpetual tenancy and prohibits any housing provider from ending a tenancy even if the lease term has expired.
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