H-0693.2 _______________________________________________
HOUSE BILL 1493
_______________________________________________
State of Washington 57th Legislature 2001 Regular Session
By Representatives Carrell, Lambert, Cairnes, Benson and Boldt
Read first time 01/26/2001. Referred to Committee on Finance.
AN ACT Relating to eliminating the small district exemption from the property tax revenue inflationary limit; reenacting and amending RCW 84.55.005; creating a new section; and providing a contingent effective date.
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))) (b)
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 property tax levies.
NEW SECTION. Sec. 3. Section 1 of this act applies to taxes levied for collection in 2002 and thereafter.
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