H-3168.1 _______________________________________________
HOUSE BILL 2239
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State of Washington 52nd Legislature 1991 1st Special Session
By Representatives Heavey, Horn, Rasmussen, Cole, G. Fisher, Cantwell, Valle, Jacobsen, Nelson, Scott, Ferguson, Wood, Mitchell, Paris, Pruitt, May, Winsley and Wineberry.
Read first time June 27, 1991. Referred to Committee on Revenue.
AN ACT Relating to reductions in assessed valuation of residences where the residence is the property owner's primary residence; adding a new section to chapter 84.36 RCW; and providing a contingent effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 84.36 RCW to read as follows:
The assessed value of each owner-occupied residence that is the principal residence of the property owner shall be reduced below its true and fair value as provided in this section.
The county assessor shall determine the arithmetic mean true and fair value of residences in the county as of the first day of January in each year. The assessed valuation of each eligible residence for purposes of property taxes imposed that year for collection the following year shall be calculated by reducing the true and fair value of the residence by an amount equal to fifty percent of the arithmetic mean residential value in the county. Where the true and fair value of the residence is less than fifty percent of the arithmetic mean residential value in the county, the assessed valuation of the residence shall be zero.
A claim for exemption under this section shall be made and filed on or before the first day of June of any year for purposes of taxes imposed that year, and payable in the following year, and thereafter and solely on forms prescribed and furnished by the department.
As used in this section, the term "residence" shall mean as defined in RCW 84.36.383.
The reduction in valuation that is provided in this section shall be in addition to any other tax exemption provided in law for residences.
The department shall adopt rules under chapter 34.05 RCW implementing this section.
NEW SECTION. Sec. 2. Section 1 of this act shall take effect January 1, 1992, if the proposed amendment to Article VII of the state Constitution, that permits the legislature to provide for reductions in property taxes on owner-occupied residences, is validly submitted to and is ratified by the voters at a general election held in November 1990.