Provides real and personal property reduced in value and subject to an abatement under RCW 84.70.010 is exempt from state and local portions of the property tax for three calendar years, beginning in the calendar year in which the property initially qualifies under RCW 84.70.010. Property taxes already paid during the calendar year in which the property initially qualifies under this section are subject to refund under RCW 84.69.020.