S-0089.1  _______________________________________________

                         SENATE BILL 5073

          _______________________________________________

State of Washington      54th Legislature     1995 Regular Session

By Senators McCaslin, Haugen, Sheldon and Schow

Read first time 01/09/95.  Referred to Committee on Government Operations.

Concerning the tax value of new construction.

    AN ACT Relating to valuation of new construction; amending RCW 36.21.070; and declaring an emergency.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

    Sec. 1.  RCW 36.21.070 and 1989 c 246 s 3 are each amended to read as follows:

In order to facilitate the assessors' addition of new construction to the tax rolls, upon receipt of a copy of a building permit, the county assessor shall((, within twelve months of the date of issue of such permit,)) either proceed to make a physical appraisal of the building or buildings covered by the permit, or place the value of the improvements on the tax rolls at the time the assessor's office receives notice of final inspection or occupancy permit.  If at any time the value determined upon physical inspection varies from the value as stated in the building permit, the assessor may amend the value on the tax rolls to conform to the value as determined at the time of physical inspection, regardless of the scheduled revaluation required by the revaluation cycle.

The taxpayer shall be notified by means to be determined by the county assessor, by rule, that the assessment is based upon the value as stated in the building permit and may not be the fair market value and is subject to adjustment upon physical inspection of the property parcel.

The property owner or his or her agent shall state on the building permit under penalty of perjury the actual cost to construct the proposed new construction or remodeling to the best of his or her knowledge.

The county legislative authority may adopt by resolution a penalty to be assessed against any property owner for failure to make a truthful disclosure of actual cost to construct on the building permit as required in this section.

NEW SECTION. Sec. 2.  This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.

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