BILL REQ. #:  S-0369.1 

Read first time 02/01/2005.   Referred to Committee on Government Operations & Elections.

     AN ACT Relating to governmental actions that cause reduction in property value; adding a new section to chapter 64.40 RCW; and creating a new section.

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

NEW SECTION.  Sec. 1   Counties have historically not been held accountable for most actions that lower property values and reduce the potential for income from the property even though Article I, section 16 of the Washington state Constitution states: "No private property shall be taken or damaged for public or private use without just compensation having been first made...." The legislature intends to authorize and require compensation for the loss of property value and potential income when caused by regulatory actions by counties.

NEW SECTION.  Sec. 2   A new section is added to chapter 64.40 RCW to read as follows:
     A county that adopts and/or implements regulations or any other act that sets aside, prevents use, or devalues property or a property interest shall, in addition to liability for any other damages due under this chapter, compensate the taxpayer identified on the annual tax assessment for the percentage portion fair market value of the property or property interest set aside, prevented from use, or devalued and for loss of potential income within one year of the passage or implementation of such ordinances, statutes, rules, or act utilized to cause such impact on taxed property within the county.