CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 2569

Chapter 275, Laws of 2006

59th Legislature
2006 Regular Session



PROPERTY TAX DEFERRAL PROGRAM--INTEREST RATE



EFFECTIVE DATE: 6/7/06

Passed by the House February 4, 2006
  Yeas 95   Nays 1

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate March 8, 2006
  Yeas 49   Nays 0


BRAD OWEN
________________________________________    
President of the Senate
 
CERTIFICATE

I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2569 as passed by the House of Representatives and the Senate on the dates hereon set forth.


RICHARD NAFZIGER
________________________________________    
Chief Clerk
Approved March 28, 2006.








CHRISTINE GREGOIRE
________________________________________    
Governor of the State of Washington
 
FILED
March 28, 2006 - 2:45 p.m.







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE HOUSE BILL 2569
_____________________________________________

Passed Legislature - 2006 Regular Session
State of Washington59th Legislature2006 Regular Session

By House Committee on Finance (originally sponsored by Representatives Morrell, Roach, Campbell, Williams, Kilmer, Clibborn, Conway, Blake, Eickmeyer, Flannigan, Wallace, Roberts, Upthegrove, McCoy, McDonald, Green, Dickerson, Lantz and Springer)

READ FIRST TIME 01/27/06.   



     AN ACT Relating to the property tax deferral program; amending RCW 84.38.100; and creating new sections.

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

Sec. 1   RCW 84.38.100 and 2000 c 103 s 26 are each amended to read as follows:
     Whenever a person's special assessment and/or real property tax obligation is deferred under the provisions of this chapter, the amount deferred and required to be paid pursuant to RCW 84.38.120 shall become a lien in favor of the state upon his or her property and shall have priority as provided in chapters 35.50 and 84.60 RCW: PROVIDED, That the interest of a mortgage or purchase contract holder who is required to cosign a declaration of deferral under RCW 84.38.090, shall have priority to said deferred lien. This lien may accumulate up to eighty percent of the amount of the claimant's equity value in said property and shall bear interest at the rate of ((eight)) five percent per year from the time it could have been paid before delinquency until said obligation is paid: PROVIDED, That when taxes are deferred as provided in RCW 84.64.050, the amount shall bear interest at the rate of ((eight)) five percent per year from the date the declaration is filed until the obligation is paid. In the case of a mobile home, the department of licensing shall show the state's lien on the certificate of ownership for the mobile home. In the case of all other property, the department of revenue shall file a notice of the deferral with the county recorder or auditor.

NEW SECTION.  Sec. 2   This act only applies to property tax deferrals granted under RCW 84.38.040 after the effective date of this act for taxes levied for collection in 2007 and thereafter.

NEW SECTION.  Sec. 3   The legislature finds that the intent of the property tax deferral program is to assist retired persons in maintaining their dignity and a reasonable standard of living by residing in their own homes, providing for their own needs, and managing their own affairs without requiring assistance from public welfare programs. The department of revenue shall review the adequacy and appropriateness of the interest rate provided in RCW 84.38.100 in relation to these objectives. The department shall report its findings to the finance committee of the house of representatives and the ways and means committee of the senate by December 1, 2012.


         Passed by the House February 4, 2006.
         Passed by the Senate March 8, 2006.
         Approved by the Governor March 28, 2006.
         Filed in Office of Secretary of State March 28, 2006.