EXPEDITED RULES
Title of Rule and Other Identifying Information: Amending WAC 458-18-220 Refunds -- Rate of interest.
THIS RULE IS BEING PROPOSED UNDER 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 USE OF 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, e-mail kimq@dor.wa.gov , AND RECEIVED BY November 17, 2008.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The purpose of this rule is to provide the rate of interest that is attached when property taxes paid in 2009 are refunded to taxpayers. This revision also includes the interest rate used the first year, 1985, that the department was required to publish a rule stating a rate of interest for property tax refunds.
The rates of interest reflected in this rule are used when property taxes are refunded. The rates of interest are shown in chronological order with reference to the year the property taxes were paid. The rule is being amended to provide the rate of interest for treasury bill auction year 1984, which was used for taxes refunded in 1985 and for auction year 2008, which will be used in refunding taxes paid in 2009. This rule is updated annually.
A copy of the draft rule is available for viewing and printing on our web site at http://dor.wa.gov/content/findalaworrule/rulemaking/agenda.aspx.
Reasons Supporting Proposal: RCW 84.69.100 requires interest to be paid when property taxes are refunded. It also requires the department to annually adopt a rule that specifies the amount of interest to be collected for each year property taxes were paid.
Statutory Authority for Adoption: RCW 84.69.100.
Statute Being Implemented: RCW 84.69.100.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Department of revenue, governmental.
Name of Agency Personnel Responsible for Drafting: Kim M. Qually, 1025 Union Avenue S.E., Suite #400, Olympia, WA, (360) 570-6113; Implementation and Enforcement: Brad Flaherty, 1025 Union Avenue S.E., Suite #200, Olympia, WA, (360) 570-5860.
September 16, 2008
Alan R. Lynn
Rules Coordinator
OTS-1853.1
AMENDATORY SECTION(Amending WSR 07-24-037, filed 11/30/07,
effective 12/31/07)
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% | |
| 2006 | 2005 | 3.33% | |
| 2007 | 2006 | 5.09% | |
| 2008 | 2007 | 4.81% | |
| 2009 | 2008 | 2.14% |
[Statutory Authority: RCW 84.69.100. 07-24-037, § 458-18-220, filed 11/30/07, effective 12/31/07; 06-21-059, § 458-18-220, filed 10/16/06, effective 11/16/06; 05-22-096, § 458-18-220, filed 11/1/05, effective 12/2/05; 04-24-101, § 458-18-220, filed 12/1/04, effective 1/1/05; 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.]