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SUBSTITUTE
SENATE BILL 5746
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Passed
Legislature - 1999 Regular Session
State of Washington 56th
Legislature 1999 Regular Session
By
Read first time 02/26/1999.
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 and 84.14.050.
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.
Sec.
2. RCW
84.14.050 and 1997 c 429 s 43 are each amended to read as follows:
An
owner of property seeking tax incentives under this chapter must complete the
following procedures:
(1)
In the case of rehabilitation or where demolition or new construction is
required, the owner shall secure from the governing authority or duly
authorized agent, before commencement of rehabilitation improvements or new
construction, verification of property noncompliance with applicable building
and housing codes;
(2)
In the case of new and rehabilitated multifamily housing, the owner shall apply
to the city on forms adopted by the governing authority. The application must
contain the following:
(a)
Information setting forth the grounds supporting the requested exemption
including information indicated on the application form or in the guidelines;
(b)
A description of the project and site plan, including the floor plan of units
and other information requested;
(c)
A statement that the applicant is aware of the potential tax liability involved
when the property ceases to be eligible for the incentive provided under this
chapter;
(3)
The applicant must verify the application by oath or affirmation; and
(4) The application must be ((made on or before April 1 of each
year, and must be)) accompanied by the application fee, if any, required
under RCW 84.14.080. The governing authority may permit the applicant to
revise an application before final action by the governing authority.
