S-0667.2/91       _______________________________________________

                           SENATE JOINT RESOLUTION 8204

                  _______________________________________________

State of Washington              52nd Legislature             1991 Regular Session

By Senators Moore and Sutherland.

Read first time January 22, 1991.  Referred to Committee on Ways & Means.

Limiting residential real property to assessed valuation increases of five percent.

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

     THAT, At the next general election to be held in this state there shall be submitted 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 the other provisions of this Article, for purposes of imposing ad valorem taxes on real property, residential real property is subject to a maximum increase in assessed valuation of five percent per year, compounded annually.  In no event shall the assessed value of such property at the time of valuation or revaluation exceed its true and fair value.  The limitation on the increase in assessed valuation shall only apply during periods where there has been no change in the ownership of the property.  The legislature may place such other restrictions and conditions upon the applicability of this limitation as it shall deem proper.

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