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RCW 35.108.060

Property tax exemption—Land bank authority inventory.

(1) All real and personal property owned by a nonprofit entity operating a land bank authority under RCW 35.108.030 is exempt from property taxation.
(2) To qualify for this exemption, the nonprofit entity must be exempt from taxation under 26 U.S.C. Sec. 501(c)(3) of the internal revenue code of 1986, as amended.

Notes:

Tax preference performance statement—2026 c 233 ss 7, 8, and 9: "(1) This section is the tax preference performance statement for the tax preferences in sections 7 through 9 of this act. This performance statement is only intended to be used for subsequent evaluation of the tax preferences. It is not intended to create a private right of action by any party or be used to determine eligibility for preferential tax treatment.
(2) The legislature categorizes this tax preference as one intended to induce certain designated behavior by taxpayers, as indicated in RCW 82.32.808(2)(a).
(3) It is the legislature's specific public policy objective to:
(a) Encourage sales or transfers of real property to land bank authorities that intend the property to be used for affordable housing; and
(b) Reduce the cost of land for housing development by allowing land bank authorities to own land or property without being subject to state or local property tax.
(4) If a review finds that the tax preferences in sections 7 through 9 of this act have not reduced the cost of land for housing development, then the legislature intends to consider repealing the tax preferences.
(5) In order to obtain the data necessary to perform the review in subsection (4) of this section, the joint legislative audit and review committee may refer to any available data source, including county records identifying the assessed value, sales value, and number of housing units developed for any property acquired or transferred by a land bank authority." [ 2026 c 233 s 10.]
Automatic expiration date exemption—2026 c 233 ss 7, 8, and 9: "The provisions of RCW 82.32.805 do not apply to sections 7 through 9 of this act." [ 2026 c 233 s 11.]