S-4569.1 _______________________________________________
SENATE BILL 6668
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State of Washington 54th Legislature 1996 Regular Session
By Senators Hargrove and Oke
Read first time 01/23/96. Referred to Committee on Government Operations.
AN ACT Relating to lowering local property tax rates and providing a compensating tax; and adding a new section to chapter 84.52 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 84.52 RCW to read as follows:
(1) The legislative authority of a county may elect to lower the statutorily authorized property tax rates of all taxing districts in the county. The authorized tax rates for the districts shall be reduced by a uniform percentage, and the lower rates shall be effective for taxes collected beginning in the year following the year in which the election is made.
(2) A county making an election under subsection (1) of this section shall impose a tax on the net profits on the sale or exchange of real property in the county. The tax shall be effective beginning January 1st of the year following the year in which the election is made under subsection (1) of this section. The rate of tax shall be set to approximate the decrease in revenues for all taxing districts in the county resulting in the year from using the lower rates. Revenues received from the tax imposed under this subsection shall be distributed to all taxing districts in the county at the same time and in the same manner as property taxes are distributed by the county treasurer under RCW 84.56.230.
(3) As used in this section, "taxing district" means any taxing district, as defined in RCW 84.04.120, some portion of which exists within the county, other than the state, port districts, and public utility districts.
(4) This section does not apply to voter-approved levies that are in excess of the one percent limitation under RCW 84.52.050.
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