BILL REQ. #: H-1809.1
State of Washington | 59th Legislature | 2005 Regular Session |
Read first time 02/18/2005. Referred to Committee on Finance.
AN ACT Relating to the taxation of omitted property; and amending RCW 84.40.080.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 84.40.080 and 1995 c 134 s 14 are each amended to read
as follows:
An assessor shall enter on the assessment roll in any year any
property shown to have been omitted from the assessment roll of any
preceding year, at the value for the preceding year, or if not then
valued, at such value as the assessor shall determine for the preceding
year, and such value shall be stated separately from the value of any
other year. Where improvements have not been valued and assessed as a
part of the real estate upon which the same may be located, as
evidenced by the assessment rolls, they may be separately valued and
assessed as omitted property under this section. ((No such assessment
shall be made in any case where a bona fide purchaser, encumbrancer, or
contract buyer has acquired any interest in said property prior to the
time such improvements are assessed.)) When such an omitted assessment
is made, the taxes levied thereon may be paid within one year of the
due date of the taxes for the year in which the assessment is made
without penalty or interest. In the assessment of personal property,
the assessor shall assess the omitted value not reported by the
taxpayer as evidenced by an inspection of either the property or the
books and records of said taxpayer by the assessor.