2951 AMH MORR H5091.1 [atlas:amendment]

2951 AMH MORR H5091.1

HB 2951 - H AMD 225 FAILED 2-12-96

By Representative Morris

Beginning on page 2, line 14, strike all material through "year." on page 3, line 2, and insert the following:

"Sec. 3. RCW 84.55.005 and 1994 c 301 s 49 are each amended to read as follows:

As used in this chapter((~~, the term~~)):

(1) "Regular property taxes" has the meaning given it in RCW 84.04.140, and also includes amounts received in lieu of regular property taxes.

(2) "Inflation" means the percentage change in the implicit price deflator for the United States for each calendar year as published by the United States department of commerce.

(3) "Population change" means the percentage change in district population for each year as reported by the office of financial management.

(4) "Fiscal growth factor" means the average of the sum of inflation and population change for each of the prior three calendar years.

NEW SECTION. Sec. 4. A new section is added to chapter 84.55 RCW to read as follows:

Except as provided in this chapter, the levy for districts other than junior districts, as defined in RCW 84.52.043, in any year shall be set so that the regular property taxes payable in the following year shall not exceed the lesser of one hundred six percent or one hundred percent plus the fiscal growth factor, multiplied by the amount of regular property taxes lawfully levied for the state in the highest of the three most recent years in which such taxes were levied for such district, plus an additional dollar amount calculated by multiplying the increase in assessed value in that district resulting from new construction, improvements to property, and any increase in the assessed value of state-assessed property by the regular property tax levy rate of the state for the preceding year."

EFFECT: Amends the current 106 percent levy lid by restricting growth in state and senior district regular levies to the lesser of a "fiscal growth factor" or six percent. The "fiscal growth factor" is the average of population growth plus inflation for the three prior years. This is similar to the I-601 growth factor. Junior taxing districts are not affected.