BE IT RESOLVED, BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:

THAT, At the next general election to be held in this state the secretary of state shall submit to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article VII of the Constitution of the state of Washington by adding a new section to read as follows:

Article VII, section . . .. Notwithstanding any other provision of this Constitution, the following tax relief is allowed:

(a) The legislature may, by appropriate legislation, provide a homestead property tax exemption for taxes levied for state purposes on property occupied as a principal residence by the individual claiming the exemption. The legislature may also, by appropriate legislation, provide a similar benefit through a renter's credit to qualified residential tenants.

(b) The homestead property tax exemption authorized under subsection (a) of this section may be in the form of a reduction of up to $250,000 of equalized assessed valuation of qualifying properties. To prevent the homestead property tax exemption from shifting the state property tax burden to higher valued principal residences and nonexempt property, the state levy or levies must be reduced as necessary to prevent the homestead property tax exemption from resulting in a higher tax rate than would have occurred in the absence of the homestead property tax exemption.

(c) The renter's credit authorized under subsection (a) of this section must be in the form of a refund of a portion of the rent paid by qualifying tenants on their primary residence. The amount of renter's credit for a tenant may not exceed the maximum amount of tax reduction provided by the homestead property tax exemption authorized under subsection (a) of this section.

(d) The legislature may provide for an annual increase to the maximum amount of exemption and credit provided in subsections (b) and (c) of this section.

(e) The legislature may place other limitations and conditions upon the homestead property tax exemption and renter's credit as it deems proper.

BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of this constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.