SENATE BILL REPORT

SB 6497

BYSenator Lee

Revising provisions on the revaluation of property.

Senate Committee on Ways & Means

Senate Hearing Date(s):January 24, 1990; January 25, 1990

Majority Report:  Do pass as amended.

      Signed by Senators McDonald, Chairman; Amondson, Bailey, Bluechel, Cantu, Fleming, Gaspard, Hayner, Johnson, Lee, Newhouse, Niemi, Owen, Saling, Smith, Talmadge, Williams, Wojahn.

Senate Staff:Terry Wilson (786-7715)

                  January 29, 1990

AS REPORTED BY COMMITTEE ON WAYS & MEANS, JANUARY 25, 1990

BACKGROUND:

A county must physically inspect and revalue real property for property tax purposes at least every six years.  If a county physically inspects and revalues property less often than every four years, it is required to annually adjust the valuation of property statistically.  A county may annually adjust property values statistically if it physically inspects and revalues at least every four years.  Currently, 12 of the 39 counties statistically revalue property every year.

Changes in property tax valuations are more gradual in counties that revalue property statistically every year.

SUMMARY:

All counties are required to statistically revalue property every year.

SUMMARY OF PROPOSED COMMITTEE AMENDMENT:

Implementation is delayed for three years.

Appropriation:    none

Revenue:    yes

Fiscal Note:      available

Senate Committee - Testified: Bernie Ryan, King County Assessor's Office (pro)