BILL REQ. #: H-4734.2

_____________________________________________

HOUSE BILL 3162
_____________________________________________

State of Washington

60th Legislature

2008 Regular Session

By Representatives VanDeWege, Kessler, Linville, Green, Kelley, Pedersen, Blake, Hudgins, Takko, Ormsby, Rolfes, O'Brien, Dunshee, Loomis, Eddy, Simpson, Goodman, Williams, Morrell, Ericks, Liias, Wood, Springer, and Santos

Read first time 01/23/08. Referred to Committee on Finance.

AN ACT Relating to a property tax exemption for the first fifty thousand dollars of assessed value of commercial and residential real property; and adding a new section to chapter 84.36 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 84.36 RCW to read as follows:
     (1) Residential property is exempt from the state portion of the property tax on fifty thousand dollars of assessed value.
     (2) A commercial property owner may apply to the county assessor to exempt fifty thousand dollars of assessed value for the state portion of the property tax for a single parcel of property. Application shall be made on forms furnished by the county assessor and prescribed by the department. A commercial property owner may not apply for an exemption under this section in more than one county. The department may adopt rules necessary to administer this section.

--- END ---