WSR 04-24-101

PERMANENT RULES

DEPARTMENT OF REVENUE


[ Filed December 1, 2004, 11:43 a.m. , effective January 1, 2005 ]


Purpose: To provide the rate of interest that will be included when property taxes paid in 2004 are refunded in subsequent years. The rates in interest reflected in this rule are included when property taxes are refunded. The rates are shown in chronological order with reference to the year in which the property taxes were paid. The rule is being revised to provide the rate of interest for treasury bill auction year 2004, which is used as a basis for refunding property taxes paid in 2004 and refunded in a subsequent year.

Citation of Existing Rules Affected by this Order: Amending WAC 458-18-220 Refunds -- Rate of interest.

Statutory Authority for Adoption: RCW 84.69.100.

Adopted under notice filed as WSR 04-19-078 on September 17, 2004.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.

Date Adopted: December 1, 2004.

Janis P. Bianchi, Manager

Interpretations and Technical Advice Unit

OTS-7508.1


AMENDATORY SECTION(Amending WSR 03-24-014, filed 11/20/03, effective 12/21/03)

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%
2000 1999 4.96%
2001 2000 5.98%
2002 2001 3.50%
2003 2002 1.73%
2004 2003 0.95%
2005 2004 1.73%

[Statutory Authority: RCW 84.69.100. 03-24-014, 458-18-220, filed 11/20/03, effective 12/21/03; 02-23-081, 458-18-220, filed 11/19/02, effective 12/20/02; 02-03-039, 458-18-220, filed 1/8/02, effective 2/8/02; 00-24-106, 458-18-220, filed 12/6/00, effective 12/31/00; 99-24-033, 458-18-220, filed 11/23/99, effective 12/24/99. Statutory Authority: RCW 84.08.010, 84.08.070 and 84.69.100. 99-01-066, 458-18-220, filed 12/14/98, effective 1/1/99; 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.]

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