SENATE BILL REPORT

EHB 1718

BYRepresentatives Locke and May

Revising provisions on the limited waiver of the one hundred six percent property tax limit.

House Committe on Ways & Means/Revenue

Senate Committee on Ways & Means

Senate Hearing Date(s):February 27, 1988

Senate Staff:William Bafus (786-7715)

AS OF FEBRUARY 24, 1988

BACKGROUND:

The statutes provide for a limited procedure in lifting the 106 percent property tax limitation affecting property tax levies.  Taxing districts are authorized to provide a proposition to the voters to lift the 106 percent limitation that limits the time period and the purpose for which the increased levy is to be made.

Procedures are also allowed for resetting the levy rate after the specified time has elapsed.

SUMMARY:

Procedures for a limited 106 percent levy lift are altered to specify that redemption payments on bonds shall not exceed seven years in duration in any voter approved waiver of the statutory limitation.

Appropriation:    none

Revenue:    none

Fiscal Note:      none