Washington State’s Homestead Exemption – Providing More Protection to Small Business Owners and Families
Washington State Homestead Exemption Updated – Now Median Value of a Home is Fully Protected
Christina Henry and Northwest Consumer Law Center (NWCLC) have teamed up to expand Washington State’s Homestead Exemption. The previous statute provides only $125,000 in protection for families and homeowners. With home prices rising so very quickly, it was easy for a family to be left in the cold. We have fixed this problem as of May 12, 2021 with SB5408 getting signed into law.
How Much Equity Can I Protect?
Since the value is calculated by County Median Value for the Previous Year, we need a chart. We have put one together for you:
MEDIAN HOME PRICES
State of Washington and Counties for 2020 (the amount of equity you can protect in 2021):
County
| Adams | $216,900 |
| Asotin | $216,900 |
| Benton | $329,500 |
| Chelan | $418,600 |
| Clallam | $352,600 |
| Clark | $403,700 |
| Columbia | $214,700 |
| Cowlitz | $307,500 |
| Douglas | $373,200 |
| Ferry | $172,900 |
| Franklin | $329,500 |
| Garfield | $216,900 |
| Grant | $258,500 |
| GraysHarbor | $251,100 |
| Island | $442,700 |
| Jefferson | $455,900 |
| King | $729,600 |
| Kitsap | $425,100 |
| Kittitas | $411,000 |
| Klickitat | $370,800 |
| Lewis | $304,100 |
| Lincoln | $202,100 |
| Mason | $319,600 |
| Okanogan | $254,500 |
| Pacific | $234,300 |
| Pend | $242,000 |
| Pierce | $424,300 |
| SanJuan | $694,800 |
| Skagit | $421,800 |
| Skamania | $340,500 |
| Snohomish | $549,400 |
| Spokane | $318,200 |
| Stevens | $242,000 |
| Thurston | $383,600 |
| Wahkiakum | $313,900 |
| WallaWalla | $305,500 |
| Whatcom | $444,400 |
| Whitman | $291,300 |
| Yakima | $281,500 |
| Statewide | $452,400 |
Washington Center for Real Estate Research / University of Washington
If you have any questions feel free to reach out to me. I would be happy to answer them
Mark McClure
Email Contact Click Here
Phone: 253-631-6484
