(1) Except as provided in subsection (2) of this section, the assessor shall list the property and assess it with reference to its value on the date the property lost its exempt status unless such property has been previously listed and assessed.
(2) For publicly owned property that loses its exempt status and becomes taxable, the assessor shall value and list such property as of the January 1st assessment date for the year of the status change in accordance with RCW
84.40.175.
(3) The assessor shall extend the taxes on the tax roll using the rate of percent applicable as if the property had been assessed in the previous year.