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SSB 1180

A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.

2025-2026 Regular Session

Summary of SSB 1180 / SF 598 OverviewBill Number: SSB 1180 / SF 598 Title: A bill for an act relating to the assessment of certain development property, and including effective da

Committee report approving bill, renumbered as SF 598.
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Bill Summary · SSB 1180

Summary of SSB 1180 / SF 598

Overview

Bill Number: SSB 1180 / SF 598
Title: A bill for an act relating to the assessment of certain development property, and including effective date and retroactive applicability provisions.
Status: Committee report approving bill, renumbered as SF 598.
Introduced: February 25, 2025

Purpose and Intent

The primary purpose of this bill is to provide tax relief for developers of new residential subdivisions. The legislation aims to address concerns that current property tax assessment practices can create financial burdens for developers during the initial stages of a project, before lots are sold and occupied.

Key Provisions

  • Allows developers to request a special valuation for property that has been platted for residential subdivision, but not yet sold or occupied
  • Requires the county assessor to value the property based on the land's current use as undeveloped, rather than its potential future use as a residential subdivision
  • Specifies that this special valuation applies until the first sale of a subdivided lot or 5 years after the final plat is approved, whichever occurs first
  • Provides for retroactive application to assessment years beginning on or after January 1, 2024

Affected Parties and Impacts

  • Residential real estate developers would benefit from reduced property tax assessments during the initial phases of a subdivision project
  • Local governments may see a temporary reduction in property tax revenue from these newly subdivided properties
  • Homebuyers in new residential developments could potentially see some cost savings passed on from developers

Procedural and Timeline Considerations

SSB 1180 was introduced in the state legislature on February 25, 2025 and has been approved by a committee, with the bill number changed to SF 598. The legislation is currently awaiting further consideration and a potential vote by the full state senate. If passed, the bill would take effect retroactively for assessment years beginning on or after January 1, 2024.

Compiled from official sources — confirm details with the bill’s official record.

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