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HOUSE JOINT RESOLUTION 4203
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State of Washington 52nd Legislature 1991 Regular Session
By Representatives Wang, Holland, Fraser, Jones, Pruitt, Orr, Ludwig, Kremen, R. King, Heavey and Anderson; by request of Governor Gardner.
Read first time January 17, 1991. Referred to Committee on Revenue.
BE IT RESOLVED, BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:
THAT, At the next general election to be held in this state there shall be submitted to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article VII of the Constitution of the state of Washington by adding a new section to read as follows:
Article VII, section ...... . Notwithstanding the other provisions of this Article, for purposes of imposing ad valorem taxes on real property, owner-occupied residential real property is subject to a maximum increase in assessed valuation of six per centum per year, compounded annually. In no event shall the assessed value of such property at the time of valuation or revaluation exceed its true and fair value. This limitation on the increase in assessed valuation shall only apply during periods where there has been no change in the ownership of the property. The legislature may place such other restrictions and conditions upon the applicability of this limitation as it shall deem proper. Such restrictions and conditions may include, but shall not be limited to, allowing for valuation increases in excess of the limit for new construction, remodeling or change of use, or restricting the applicability of this limitation to owner-occupied residential real property having an assessed value below an amount to be established by the legislature. The legislature may further provide that any property subject to the foregoing limitation that subsequently fails to satisfy any of the restrictions and conditions imposed by the legislature may be revalued and assessed on the first day of January immediately following the year in which such restrictions and conditions are not satisfied. The limitation imposed by this section shall be applicable to taxes levied for collection in 1992 and thereafter.
BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of the foregoing constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.