Vote Smart's Synopsis:

Vote to pass a bill that allows homeowners earning less than $57,000 a year to defer up to fifty percent of the property tax due until after they have sold the house.

Highlights:

-Requires that the participant has owned the residence for a minimum of five years (Sec. 2). -Limits the total amount allowed to be deferred to forty percent of the total equity of the house (Sec. 2). -Requires repayment of all deferred payments upon the death of the homeowner unless a surviving spouse of the homeowner remains in the house (Sec. 8). -Interest would be applied to the deferred payments based on the federal short-term rate plus two percentage points (Sec. 7). -Calls for the legislature to conduct a review of the program in 2011 (Sec. 13).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that allows homeowners earning less than $57,000 a year to defer up to fifty percent of the property tax due until after they have sold the house.

Highlights:

-Requires that the participant has owned the residence for a minimum of five years (Sec. 2). -Limits the total amount allowed to be deferred to forty percent of the total equity of the house (Sec. 2). -Requires repayment of all deferred payments upon the death of the homeowner unless a surviving spouse of the homeowner remains in the house (Sec. 8). -Interest would be applied to the deferred payments based on the federal short-term rate plus two percentage points (Sec. 7). -Calls for the legislature to conduct a review of the program in 2011 (Sec. 13).

Full Bill Text

Signed by Governor Chris Gregoire