WSR 99-01-066
PERMANENT RULES
DEPARTMENT OF REVENUE
[Filed December 14, 1998, 1:35 p.m., effective January 1, 1999]
Date of Adoption: December 14, 1998.
Purpose: To update the rule so it reflects the rate of interest for auction year 1998 that will be included when claims for property taxes refunds are made after January 1, 1999.
Citation of Existing Rules Affected by this Order: Amending WAC 458-18-220 Refunds--Rate of interest.
Statutory Authority for Adoption: RCW 84.08.010, 84.08.070.
Other Authority: RCW 84.69.100.
Adopted under notice filed as WSR 98-20-082 on October 6, 1998.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, amended 0, repealed 0; Federal Rules or Standards: New 0, amended 0, repealed 0; or Recently Enacted State Statutes: New 0, amended 0, repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, amended 0, repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, amended 0, repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, amended 0, repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, amended 0, repealed 0; Pilot Rule Making: New 0, amended 0, repealed 0; or Other Alternative Rule Making: New 0, amended 1, repealed 0.
Other Findings Required by Other Provisions of Law as Precondition to Adoption or Effectiveness of Rule: RCW 84.69.100 requires the department to annually adopt a rate of interest by rule that will be added to property tax refunds. This rate must be in effect on January 1st each year and will be included when claims for property tax refunds are made after that date.
Effective Date of Rule: January 1, 1999.
December 14, 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.]