S-0979.1  _______________________________________________

                         SENATE BILL 5746

          _______________________________________________

State of Washington      56th Legislature     1999 Regular Session

By Senators Wojahn and Rasmussen

Read first time 02/05/1999.  Referred to Committee on Ways & Means.

Modifying certain exemption language for new and rehabilitated multiple-unit dwellings in urban centers.

    AN ACT Relating to the exemption for new and rehabilitated multiple-unit dwellings in urban centers; and amending RCW 84.14.020.

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

    Sec. 1.  RCW 84.14.020 and 1995 c 375 s 5 are each amended to read as follows:

    (1) The value of new housing construction, conversion, and rehabilitation improvements qualifying under this chapter is exempt from ad valorem property taxation, for ten successive years beginning January 1 of the year immediately following the calendar year ((after)) of issuance of the certificate of tax exemption eligibility.  However, the exemption does not include the value of land or nonhousing-related improvements not qualifying under this chapter.

    (2) In the case of rehabilitation of existing buildings, the exemption does not include the value of improvements constructed prior to the submission of the application required under this chapter.  The incentive provided by this chapter is in addition to any other incentives, tax credits, grants, or other incentives provided by law.

    (3) This chapter does not apply to increases in assessed valuation made by the assessor on nonqualifying portions of building and value of land nor to increases made by lawful order of a county board of equalization, the department of revenue, or a county, to a class of property throughout the county or specific area of the county to achieve the uniformity of assessment or appraisal required by law.

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