WSR 97-21-096

EXPEDITED ADOPTION

DEPARTMENT OF REVENUE

[Filed October 20, 1997, 12:00 p.m.]

Title of Rule: Amendatory section WAC 458-30-262 Agricultural land valuation--Interest rate--Property tax component.

Purpose: To provide county assessors with the rate of interest and property tax component to be used in valuing farm and agricultural land classified under chapter 84.34 RCW during assessment year 1998.

Statutory Authority for Adoption: RCW 84.08.010, 84.08.070, 84.34.360.

Statute Being Implemented: RCW 84.34.065.

Summary: The amendments to this rule update the interest rate and the property tax component used in valuing farm and agricultural land classified under chapter 84.34 RCW.

Reasons Supporting Proposal: RCW 84.34.065 requires the department to annually determine a rate of interest and property tax component and to publish a rule containing these determinations by January 1st each year.

Name of Agency Personnel Responsible for Drafting: Kim M. Qually, 711 Capitol Way South, #303, Olympia, WA, (360) 664-0086; Implementation and Enforcement: Sandy Guilfoil, 6004 Capitol Boulevard, Tumwater, WA, (360) 753-5503.

Name of Proponent: Department of Revenue, governmental.

Rule is not necessitated by federal law, federal or state court decision.

Explanation of Rule, its Purpose, and Anticipated Effects: WAC 458-30-262 provides county assessors with information that will be used in assessment year 1998 to value land classified as farm and agricultural land under chapter 84.34 RCW. This rule must be updated annually to reflect the changes in the interest rate and property tax component used by the county assessors to determine the value of classified farm and agricultural land during the upcoming assessment year.

Proposal Changes the Following Existing Rules: This proposed rule amends the current version of WAC 458-30-262. The amendments to this rule relate to assessment year 1998 and change the interest rate and the property tax component. These figures will be used to value farm and agricultural land classified under chapter 84.34 RCW during assessment year 1998.

THIS RULE IS BEING PROPOSED TO BE ADOPTED USING AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THIS RULE BEING ADOPTED USING THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Kim M. Qually, Department of Revenue, P.O. Box 47467, Olympia, WA 98504-7467, FAX (360) 664-0693, AND RECEIVED BY December 20, 1997.

October 20, 1997

Russell W. Brubaker

Assistant Director

Legislation and Policy Division

AMENDATORY SECTION (Amending WSR 97-02-066, filed 12/31/96, effective 1/1/97)

WAC 458-30-262 Agricultural land valuation--Interest rate--Property tax component. For assessment year ((1997)) 1998, the interest rate and the property tax component that are to be used to value classified farm and agricultural lands are as follows:

(1) The interest rate is ((9.2)) 9.3 percent; and

(2) The property tax component for each county is:

COUNTY PERCENT COUNTY PERCENT

Adams ((1.44)) 1.47 Lewis ((1.24)) 1.22

Asotin 1.56 Lincoln ((1.53)) 1.49

Benton ((1.38)) 1.50 Mason ((1.26)) 1.20

Chelan ((1.37)) 1.32 Okanogan ((1.38)) 1.39

Clallam ((1.17)) 1.24 Pacific 1.28

Clark 1.39 Pend Oreille ((1.34)) 1.28

Columbia ((1.36)) 1.49 Pierce 1.59

Cowlitz ((1.20)) 1.21 San Juan ((0.81)) 0.79

Douglas ((1.36)) 1.41 Skagit ((1.23)) 1.30

Ferry ((1.16)) 1.21 Skamania ((1.05)) 1.08

Franklin ((1.58)) 1.55 Snohomish ((1.33)) 1.39

Garfield ((1.52)) 1.46 Spokane ((1.54)) 1.55

Grant 1.46 Stevens ((1.18)) 1.12

Grays Harbor ((1.42)) 1.34 Thurston ((1.49)) 1.53

Island ((0.95)) 1.00 Wahkiakum 1.17

Jefferson 1.17 Walla Walla ((1.50)) 1.48

King 1.38 Whatcom ((1.26)) 1.28

Kitsap ((1.41)) 1.45 Whitman ((1.72)) 1.69

Kittitas ((1.12)) 1.16 Yakima ((1.40)) 1.38

Klickitat ((1.12)) 1.23