DEPARTMENT OF REVENUE
[Filed June 18, 1997, 3:58 p.m.]
Property Tax Bulletin 97-1--Procedure for assessment of state timber
Property Tax Bulletin 97-2--"True leases" or installment contracts
Property Tax Bulletin 90-2--Procedure for assessment of state timber
Property Tax Bulletin 91-14--Procedure for assessment of state timber
This announcement of the Department of Revenue's actions with respect to
these advisory interpretive statements is being published in the
Washington State Register pursuant to the requirements of RCW
The Department of Revenue has adopted Property Tax Bulletins 97-1
(Procedure for assessment of state timber sales) and 97-2 ("True leases"
or installment contracts).
The purpose of Property Tax Bulletin (PTB) 97-2 is to provide information
that will assist counties to distinguish a "true lease" from a financing
agreement. This information is necessary to determine the ownership of
personal property when the lessee is a government entity or a nonprofit
organization that may be entitled to an exemption. It will be used by
the Department of Revenue in ratio audits and in determining the
exemption status of personal property of nonprofit organizations.
PTB 97-1 provides uniform procedures for determining the taxable value
of timber sold by agencies of state and local government. This bulletin
is designed for use by assessors and Department of Revenue staff. PTBs
90-2 and 91-14, which address the same subject matter, have been
Requests for copies of these bulletins may be directed to Peri Maxey, Property Tax Division, P.O. Box 47471, Olympia, WA 98504-7471, phone (360) 586-2902, FAX (360) 586-7602.