Washington State House of Representatives Office of Program Research | BILL ANALYSIS |
Ways & Means Committee |
HB 2708
This analysis was prepared by non-partisan legislative staff for the use of legislative members in their deliberations. This analysis is not a part of the legislation nor does it constitute a statement of legislative intent. |
Brief Description: Including the value of solar, biomass, and geothermal facilities in the property tax levy limit calculation.
Sponsors: Representatives Hinkle, Wilcox, Johnson and Angel.
Brief Summary of Bill |
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Hearing Date: 2/1/12
Staff: Jeff Olsen (786-7175).
Background:
Taxing districts may increase their regular property tax levy by 1 percent per year, plus an additional amount based on the increase in the assessed value in the district resulting from new construction, increases in assessed value due to construction of electric generation wind turbine facilities classified as personal property, improvements to real property, and state-assessed property.Utilities that operate in more than one county are assessed by the Department of Revenue. Property taxes resulting from new state-assessed utilities increase revenues to taxing districts because taxes resulting from increases in the value of state-assessed property are added to the amount that may be levied under the levy limit.
Summary of Bill:
Property taxes resulting from new solar, biomass, and geothermal facilities classified as personal property are added to the amount that a taxing district may levy under the levy limit.
Appropriation: None.
Fiscal Note: Requested on January 29, 2012.
Effective Date: The bill takes effect 90 days after adjournment of the session in which the bill is passed.