Tax & Accounting Blog

Washington Enacts Property Tax Exemption for Industrial and Manufacturing Projects

Blog, ONESOURCE, ONESOURCE Property Tax June 18, 2015

On June 10, 2015, Washington Governor Jay Inslee signed into law legislation, effective August 27, 2015 and applicable to taxes levied for collection in 2016 and thereafter, creating a property tax exemption for the value of new construction of industrial and manufacturing facilities in targeted urban areas. L. 2015, S5761, effective 08/27/2015.

New Washington Industrial and Manufacturing Tax Exemption

In an effort to encourage new manufacturing and industrial development in targeted urban areas, Washington has created a new property tax exemption for the value of new construction of industrial and manufacturing facilities. The exemption is effective August 27, 2015 and is applicable to taxes levied for collection in 2016 and thereafter. Property owners seeking the exemption must apply with the city where the property is located. For more information on the exemption visit: http://lawfilesext.leg.wa.gov/biennium/2015-16/Pdf/Bills/Session%20Laws/Senate/5761.SL.pdf. (L. 2015, S5761).