FINAL BILL REPORT

HB 772

PARTIAL VETO

                                  C 319 L 87

BYRepresentatives Madsen and Fisch

Revising property tax provisions.

House Committe on Ways & Means/Revenue

Senate Committee on Ways & Means

SYNOPSIS AS ENACTED

BACKGROUND:

An interest rate of 5 percent per annum is applied to property tax refunds.  The interest rate applies from the date the taxes were collected or from the date of a claim for a refund, whichever is later.

Cities are authorized to levy 22.5 cents per $1,000 of assessed value for purposes of funding firemen's pension programs.  If a city chooses this funding, the general city levy is limited to $3.375 per $1,000 of assessed value for a total of $3.60 per $1,000 of assessed value.  If an actuarial study determines there are sufficient funds to meet future pension obligations, the city may levy the full $3.60 per $1,000 of assessed valuation for general purposes.

Revaluations of property are required at least once every six years.  The process of conducting revaluations by county assessors is specified in law.

Real and personal property that is destroyed in whole or in part in an area that has been declared a disaster by the governor is not eligible for reductions in value for taxing purposes.

County assessors are charged with the responsibility of keeping a list of the number of television sets in the television improvement district for billing a benefit assessment charge.

SUMMARY:

Interest owing on property tax refunds is changed from 5 percent to the equivalent coupon issue yield as published by the Federal Reserve Bank of San Francisco, measured by the 26-week average treasury bill rate.

Cities that have annexed to library districts or fire protection districts may not levy the 22.5 cents for firemen's pensions if it causes the combined levies to exceed the $9.15 statutory maximum or the 1 percent constitutional limit.

The Department of Revenue is authorized to approve a two-year revaluation plan for any county.

New procedures are provided for the assessment of destroyed property in an area that has been declared a disaster area by the governor and reduced in value by more than 20 percent.

The county treasurer instead of the county assessor is designated as the repository for information determining the number of television sets to be included in a television improvement district.

Satellite dish antennas are eliminated from the information required by television improvement districts.

VOTES ON FINAL PASSAGE:

      House 97   0

      Senate    45     2

EFFECTIVE:July 26, 1987

Partial Veto Summary:  Provisions exempting the owners of satellite dishes from the television improvement district levy are vetoed.  (See VETO MESSAGE)