BILL REQ. #:  S-4260.1 

Read first time 01/18/08.   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 .... Notwithstanding any other provision of this Constitution, the following tax exemption is allowed as to real property:
     (1) The legislature has the power, by appropriate legislation, to provide a homestead exemption from property taxes levied for state purposes of up to one hundred thousand dollars of valuation on the real property occupied as a residence by those owners. The homestead exemption may not shift property taxes levied for state purposes. The state levy shall be reduced as necessary to prevent the value exempted under the homestead exemption from resulting in a higher tax rate than would have occurred in the absence of the homestead exemption.
     (2) The legislature may provide for an annual increase to the exemption authorized in subsection (1) of this section of an amount equal to the percentage growth in the state levy collections for the previous year.
     (3) The legislature may place other restrictions and conditions upon granting the homestead exemption as it deems proper.

     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.