BILL REQ. #:  S-3867.1 

Read first time 01/10/2006.   Referred to Committee on Ways & Means.

     BE IT RESOLVED, BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:
     THAT, At the next general election to be held in this state the secretary of state shall submit to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article VII of the Constitution of the state of Washington by adding a new section to read as follows:

     Article VII, section . . .. (1) Notwithstanding any other provision in this article, the assessed value of real property shall be determined pursuant to this section. The assessed value of real property shall reflect annual inflationary or deflationary changes, as indicated by the consumer price index or other comparable index, on real property. Inflationary increases shall not exceed one percent of the prior year's assessed value. The assessed value of real property shall also reflect substantial damage, destruction, or other occurrences that cause a decline in the assessed value of real property.
     (2)(a) For the purposes of this section, "assessed value" means the county assessor's valuation of real property for taxes levied for collection in 2007, the fair market value of real property when purchased or other change in ownership has occurred, or the previous assessed value plus an increase in value from new construction. Real property not assessed for taxes levied for collection in 2007 shall be reassessed to the January 1, 2006, estimated valuation according to the revaluation plans approved by the department of revenue.
     (b) "New construction" does not include real property that is reconstructed after a disaster, as declared by the governor, where the fair market value of the real property, as reconstructed, is comparable to its fair market value prior to the disaster.
     (3) The legislature shall have the power, by appropriate legislation, to enact provisions to implement the requirements of this section.

     BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of this constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.