H-0768.2 _______________________________________________
HOUSE BILL 1492
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State of Washington 57th Legislature 2001 Regular Session
By Representatives Carrell, Lambert, Benson, Boldt, Armstrong, Marine and Mulliken
Read first time 01/26/2001. Referred to Committee on Finance.
AN ACT Relating to reducing the limit factor for the state property tax levy to two percent; reenacting and amending RCW 84.55.005; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 84.55.005 and 1997 c 393 s 20 and 1997 c 3 s 201 are each reenacted and amended to read as follows:
As used in this chapter:
(1) "Inflation" means the percentage change in the implicit price deflator for personal consumption expenditures for the United States as published for the most recent twelve-month period by the bureau of economic analysis of the federal department of commerce in September of the year before the taxes are payable;
(2) "Limit factor" means:
(a) For taxing districts with a population of less than ten thousand in the calendar year prior to the assessment year, one hundred six percent;
(b) For taxing districts for which a limit factor is authorized under RCW 84.55.0101, the lesser of the limit factor authorized under that section or one hundred six percent;
(c) For the state, the lesser of one hundred two percent or one hundred percent plus inflation;
(d) For all other districts, the lesser of one hundred six percent or one hundred percent plus inflation; and
(3) "Regular property taxes" has the meaning given it in RCW 84.04.140.
NEW SECTION. Sec. 2. Section 1 of this act takes effect on the day a decision of a court in this state becomes final and invalidates, in whole or in part, the application of section 5, chapter 2, Laws of 2001 (Initiative Measure No. 722) to the state property tax levy.
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