BILL REQ. #:  S-4268.1 

Read first time 01/17/08.   Referred to Committee on Government Operations & Elections.

     BE IT RESOLVED, BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:
     THAT, At the next general election to be held in this state the secretary of state shall submit to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article VII of the Constitution of the state of Washington by adding a new section to read as follows:

     Article VII, section .... (a) Notwithstanding any other provision in this article, the assessed value of real property shall not exceed the true and fair value of the property on:
     (1) January 1, 2009, modified each year thereafter by the lesser of one percent or inflation; or
     (2) January 1st of the year in which there is a change in ownership, modified each year thereafter by the lesser of one percent or inflation.
     (b) The assessed value identified in subsection (a) of this section shall be increased by the true and fair value of new construction and improvements to property in the year in which they are made.
     (c) The legislature shall have the power, by appropriate legislation, to enact provisions to implement the requirements of this section.
     (d) This section applies to taxes levied for collection in 2010 and thereafter.

     BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of this constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.