Passed by the House November 29, 2007 Yeas 86   ________________________________________ Speaker of the House of Representatives Passed by the Senate November 29, 2007 Yeas 39   ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2416 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
State of Washington | 60th Legislature | 2007 1st Special Session |
Read first time 11/29/2007. Referred to Committee on Finance.
AN ACT Relating to reinstating the one percent property tax limit factor adopted by the voters under Initiative Measure No. 747; amending RCW 84.55.0101; reenacting and amending RCW 84.55.005; creating a new section; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 84.55.005 and 1997 c 393 s 20 and 1997 c 3 s 201 are
each reenacted and amended to read as follows:
As used in this chapter:
(1) "Inflation" means the percentage change in the implicit price
deflator for personal consumption expenditures for the United States as
published for the most recent twelve-month period by the bureau of
economic analysis of the federal department of commerce in September of
the year before the taxes are payable;
(2) "Limit factor" means:
(a) For taxing districts with a population of less than ten
thousand in the calendar year prior to the assessment year, one hundred
((six)) one percent;
(b) For taxing districts for which a limit factor is authorized
under RCW 84.55.0101, the lesser of the limit factor authorized under
that section or one hundred ((six)) one percent;
(c) For all other districts, the lesser of one hundred ((six)) one
percent or one hundred percent plus inflation; and
(3) "Regular property taxes" has the meaning given it in RCW
84.04.140.
Sec. 2 RCW 84.55.0101 and 1997 c 3 s 204 are each amended to read
as follows:
Upon a finding of substantial need, the legislative authority of a
taxing district other than the state may provide for the use of a limit
factor under this chapter of one hundred ((six)) one percent or less.
In districts with legislative authorities of four members or less, two-thirds of the members must approve an ordinance or resolution under
this section. In districts with more than four members, a majority
plus one vote must approve an ordinance or resolution under this
section. The new limit factor shall be effective for taxes collected
in the following year only.
NEW SECTION. Sec. 3 This act applies both prospectively and
retroactively to taxes levied for collection in 2002 and thereafter.
NEW SECTION. Sec. 4 This act is necessary for the immediate
preservation of the public peace, health, or safety, or support of the
state government and its existing public institutions, and takes effect
immediately.