BILL REQ. #:  S-0708.1 

Read first time 01/21/09.   Referred to Committee on Ways & Means.

     AN ACT Relating to requiring certain property tax revaluations when property values have decreased; amending RCW 84.41.030; and creating a new section.

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

Sec. 1   RCW 84.41.030 and 1996 c 254 s 7 are each amended to read as follows:
     (1) Each county assessor shall maintain an active and systematic program of revaluation on a continuous basis, and shall establish a revaluation schedule which will result in revaluation of all taxable real property within the county at least once each four years and physical inspection of all taxable real property within the county at least once each six years. Each county assessor may disregard any program of revaluation, if requested by a property owner, and change, as appropriate, the valuation of real property upon the receipt of a notice of decision received under RCW 36.70B.130((, 90.60.160,)) or chapter 35.22, 35.63, 35A.63, or 36.70 RCW pertaining to the value of the real property.
     (2) If a county that values property on a multiyear schedule has a drop in overall real property values of ten percent or more in a single year, properties that were valued during that year must be revalued again the following year. In order to determine the drop in property values, a county must use the market data as determined by the Washington State University center for real estate research.

NEW SECTION.  Sec. 2   This act applies to property taxes levied for collection in 2010.