(1) All household goods and furnishings in actual use by the owner thereof in equipping and outfitting his or her residence or place of abode and not for sale or commercial use, and all personal effects held by any person for his or her exclusive use and benefit and not for sale or commercial use.

(2) The personal property, other than specified in subsection (1) of this section, of ((each head of a family))a person liable to assessment and taxation of which the ((individual))person is the actual and bona fide owner to an amount of ((fifteen thousand dollars))$100,000 of true and fair value. This exemption shall not apply to any private motor vehicle or mobile home. If the county assessor is satisfied that all of the personal property of any person is exempt from taxation under the provisions of this statute or any other statute providing exemptions for personal property, no listing of such property shall be required. However, if the personal property described in this subsection exceeds in value the amount allowed as exempt, then a complete list of said personal property shall be made as provided by law, and the county assessor shall deduct the amount of the exemption authorized by this subsection from the total amount of the assessment and impose taxes on the remainder.

(3) Beginning December 31, 2024, and continuing each December 31st, the amount of personal property exempted pursuant to subsection (2) of this section must be adjusted annually for inflation using the Washington state minimum wage inflation adjustment pursuant to RCW 49.46.020(2).

NEW SECTION. Sec. 2. Section 1 of this act takes effect January 1, 2023, if the proposed amendment to Article VII, section 1 of the state Constitution (House Joint Resolution No. . . . (H-1959/22)), providing for the personal property exemption of $100,000, is validly submitted to and is approved and ratified by the voters at the next general election. If the proposed amendment is not approved and ratified, section 1 of this act is void in its entirety.