HB 1949 - DIGEST

     Declares that eligible regulated real property is exempt from taxation from regular property tax levies by the state, city or town, and county.  Eligible regulated real property means real property for which the land value has been reduced by twenty-five percent or more after November 20, 2000, as a result of regulation under a shoreline master program adopted under chapter 90.58 RCW.  The exemption continues until the cumulative tax savings due to the exemption equals or exceeds the reduction in value.