WSR 98-20-082
EXPEDITED ADOPTION
DEPARTMENT OF REVENUE
[Filed October 6, 1998, 1:33 p.m.]
Title of Rule: Amendatory section WAC 458-18-220 Refunds--Rate of interest.
Purpose: To update rule so it reflects the rate of interest for auction year 1998 that will be included when property taxes paid during 1999 are refunded.
Statutory Authority for Adoption: RCW 84.08.010, 84.08.070.
Statute Being Implemented: RCW 84.69.100.
Summary: The rates of interest set forth in this rule are used when property taxes are refunded. The rates of interest are listed according to the year in which the property taxes are paid.
Reasons Supporting Proposal: RCW 84.69.100 requires interest to be included when property taxes are refunded. This statute also requires the department to adopt the rate of interest by rule.
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.
Agency Comments or Recommendations, if any, as to Statutory Language, Implementation, Enforcement, and Fiscal Matters: No comments or recommendations are submitted.
Rule is not necessitated by federal law, federal or state court decision.
Explanation of Rule, its Purpose, and Anticipated Effects: RCW 84.69.100 directs interest to be paid when property taxes are refunded. WAC 458-18-220 sets forth the rate of interest on a yearly basis and is used by county officials to calculate the total amount of property tax and interest to be refunded to the taxpayer.
Proposal Changes the Following Existing Rules: This proposed rule amends the current version of WAC 458-18-220. The amendments to this rule specify the rate of interest to be paid when taxes paid in 1999 are refunded in accordance with RCW 84.69.100.
NOTICE
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 Peri Maxey, Department of Revenue, P.O. Box 47471, Olympia, WA 98504-7471, fax (360) 586-7602, AND RECEIVED BY December 5, 1998.
October 6, 1998
Russell W. Brubaker
Assistant Director
Legislation and Policy Division
OTS-2574.1
AMENDATORY SECTION (Amending WSR 98-01-177, filed 12/23/97, effective 1/1/98)
WAC 458-18-220 Refunds--Rate of interest. The following rates of interest shall apply on refunds of taxes made pursuant to RCW 84.69.010 through 84.69.090 in accordance with RCW 84.69.100. The following rates shall also apply to judgments entered in favor of the plaintiff pursuant to RCW 84.68.030. The interest rate is derived from the equivalent coupon issue yield of the average bill rate for twenty-six week treasury bills as determined at the first bill market auction conducted after June 30th of the calendar year preceding the date the taxes were paid. The rate thus determined shall be applied to the amount of the judgment or the amount of the refund, until paid:
| Year tax
paid |
Auction
Year |
Rate |
| 1985 | 1984 | 11.27% |
| 1986 | 1985 | 7.36% |
| 1987 | 1986 | 6.11% |
| 1988 | 1987 | 5.95% |
| 1989 | 1988 | 7.04% |
| 1990 | 1989 | 8.05% |
| 1991 | 1990 | 8.01% |
| 1992 | 1991 | 5.98% |
| 1993 | 1992 | 3.42% |
| 1994 | 1993 | 3.19% |
| 1995 | 1994 | 4.92% |
| 1996 | 1995 | 5.71% |
| 1997 | 1996 | 5.22% |
| 1998 | 1997 | 5.14% |
| 1999 | 1998 | 5.06% |
[Statutory Authority: RCW 84.08.010, 84.08.070 and 84.69.100. 98-01-177, § 458-18-220, filed 12/23/97, effective 1/1/98; 97-02-068, § 458-18-220, filed 12/31/96, effective 1/1/97; 96-01-093, § 458-18-220, filed 12/19/95, effective 1/1/96; 95-06-044, § 458-18-220, filed 2/24/95, effective 3/27/95; 94-05-063, § 458-18-220, filed 2/11/94, effective 3/14/94. Statutory Authority: RCW 84.08.010 and 84.69.100. 93-06-096, § 458-18-220, filed 3/3/93, effective 4/3/93; 92-17-027, § 458-18-220, filed 8/11/92, effective 9/11/92; 91-15-024, § 458-18-220, filed 7/11/91, effective 8/11/91. Statutory Authority: RCW 84.69.100 and 84.08.010(2). 89-10-067 (Order PT 89-6), § 458-18-220, filed 5/3/89; 88-07-003 (Order PT 88-3), § 458-18-220, filed 3/3/88. Statutory Authority: RCW 84.69.100 as amended by 1987 c 319 and 84.08.010(2). 87-19-141 (Order PT 87-7), § 458-18-220, filed 9/23/87.]