S-1006.1  _______________________________________________

                    SUBSTITUTE SENATE BILL 5495

          _______________________________________________

State of Washington      56th Legislature     1999 Regular Session

By Senate Committee on Ways & Means (originally sponsored by Senators Snyder and Zarelli)

Read first time 02/16/1999.

Modifying a restriction on regular property tax levies.

    AN ACT Relating to regular property tax levies; and amending RCW 84.55.015.

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

    Sec. 1.  RCW 84.55.015 and 1979 ex.s. c 218 s 4 are each amended to read as follows:

    If a taxing district has not levied ((in the three most recent years)) since 1985 and elects to restore a regular property tax levy subject to applicable statutory limitations then such first restored levy shall be set so that the regular property tax payable shall not exceed the amount which ((could have been lawfully levied in 1973)) was last levied, plus an additional dollar amount calculated by multiplying the increase in assessed value in the district since ((1973)) the last levy resulting from new construction and improvements to property by the property tax rate which is proposed to be restored, or the maximum amount which could be lawfully levied in the year such a restored levy is proposed.

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