SB5353 – Promoting redevelopment to support transit.
Prime Sponsor – Senator Zeiger (R; 25th District; Pierce County)
Current status – Had a hearing before the Senate Committee on Local Government February 5th. Passed out of committee February 19th and referred to Ways and Means. Still in the house of origin by 2019 cutoff; reintroduced and retained in present status for 2020 session.
Next step would be – Action by Ways and Means.
Legislative tracking page for the bill.

Summary –
The bill authorizes certain counties to lower property taxes to encourage the development of more housing in areas around transit by expanding some current provisions for lowering taxes in other “residential targeted areas”.

Details:
Counties can reduce taxes on new housing units in residential targeted areas by using special lower valuations in their property tax assessments.

There are various requirements for when these can be created, including some about where they can be located. The bill expands the rules about permissible locations to allow them to be created by counties that want to promote transit supportive densities and efficient land use in an area that’s within an urban growth area; is in the potential annexation area of a city with a population of at least two hundred thousand; and is within a quarter mile of a corridor where bus service is scheduled at least every fifteen minutes for no less than ten hours per day. (The route must be in service or have planned service within five years).