S-3692.2                   _______________________________________________

                                           SENATE JOINT RESOLUTION 8220

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State of Washington                              53rd Legislature                             1994 Regular Session

By Senators Owen, Hargrove, Haugen, Oke and M. Rasmussen

Read first time 01/17/94.  Referred to Committee on Ways & Means.

Amending the Constitution to change the definition of true and fair value of real property.

          BE IT RESOLVED, BY THE SENATE AND 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 .....  (1) Except as otherwise provided in this section, the true and fair value of real property is the fair market value of the property on January 1, 1995, for existing property and the fair market value of the property on the date of its completion for newly constructed property.  If real property is sold or a change in ownership otherwise occurs, the true and fair value of the property is its fair market value on the date of the change in ownership.

          (2) The true and fair value of real property may be adjusted from year to year to reflect the inflationary rate, not to exceed five percent for any given year, or reduction as shown in the consumer price index or comparable data for the area or may be reduced to reflect substantial damage, destruction, or other factors causing a decline in value.

          (3) For purposes of this section, "newly constructed property" does not include real property that is reconstructed after a disaster, as declared by the governor, where the fair market value of the real property as reconstructed is comparable to its fair market value prior to the disaster.

          (4) This section applies to taxes payable in 1996, and thereafter.

          (5) This section shall supersede Article VII, section 1 of the Washington Constitution to the extent of any conflict.

          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.

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