EXPEDITED RULES
Title of Rule: Amendatory section WAC 458-18-220 Refunds -- Rate of interest.
Purpose: To provide the rate of interest that will be assessed when property taxes paid in 2004 are refunded to taxpayers.
Statutory Authority for Adoption: RCW 84.69.100.
Statute Being Implemented: RCW 84.69.100.
Summary: The rates of interest reflected in this rule are used when property taxes are refunded. The rates of interest are shown in chronological order with reference to the year the property taxes were paid. The rule is being revised to provide the rate of interest for treasury bill auction year 2003, which is used as a basis for refunding taxes paid in 2004.
Reasons Supporting Proposal: RCW 84.69.100 requires interest to be paid when property taxes are refunded. It also requires the department to annually adopt a rule that specifies the amount of interest to be collected for each year property taxes were paid.
Name of Agency Personnel Responsible for Drafting: Kim M. Qually, 1025 Union Avenue S.E., Suite #400, Olympia, WA, (360) 570-6113; Implementation and Enforcement: Gary O'Neil, 1025 Union Avenue S.E., Suite #200, Olympia, WA, (360) 570-5860.
Name of Proponent: Department of Revenue, governmental.
Agency Comments or Recommendations, if any, as to Statutory Language, Implementation, Enforcement, and Fiscal Matters: No comments or recommendations are submitted.
Rule is not necessitated by federal law, federal or state court decision.
Explanation of Rule, its Purpose, and Anticipated Effects: When property taxes are refunded, RCW 84.69.100 requires the refund to include interest from the date of collection of the portion refundable. The statute specifies that the rate of interest shall be the equivalent coupon issue yield of the average bill rate for twenty-six week treasury bills determined at the first bill market auction conducted after June 30th of the calendar year preceding the date the taxes were paid. It also mandates that the department shall adopt this rate of interest by rule. WAC 458-18-220 sets forth the rate of interest on a yearly basis and is used by county officials to calculate the total amount of property taxes to be refunded to a taxpayer.
Proposal Changes the Following Existing Rules: The
proposed rule amends the current version of WAC 458-18-220.
The amendments to this rule specify the rate of interest to be
paid when taxes paid in 2004 are refunded in accordance with
RCW 84.69.100.
THIS RULE IS BEING PROPOSED UNDER AN EXPEDITED RULE-MAKING PROCESS THAT WILL ELIMINATE THE NEED FOR THE AGENCY TO HOLD PUBLIC HEARINGS, PREPARE A SMALL BUSINESS ECONOMIC IMPACT STATEMENT, OR PROVIDE RESPONSES TO THE CRITERIA FOR A SIGNIFICANT LEGISLATIVE RULE. IF YOU OBJECT TO THE USE OF THE EXPEDITED RULE-MAKING PROCESS, YOU MUST EXPRESS YOUR OBJECTIONS IN WRITING AND THEY MUST BE SENT TO Kim M. Qually, Counsel, Department of Revenue, Box 47467, Olympia, WA 98504-7467, fax (360) 664-0693, e-mail kimq@dor.wa.gov , AND RECEIVED BY November 17, 2003.
September 11, 2003
Alan R. Lynn
Rules Coordinator
Legislation and Policy Division
OTS-6536.1
AMENDATORY SECTION(Amending WSR 02-23-081, filed 11/19/02,
effective 12/20/02)
WAC 458-18-220
Refunds -- Rate of interest.
The following
rates of interest shall apply on refunds of taxes made
pursuant to RCW 84.69.010 through 84.69.090 in accordance with
RCW 84.69.100. The following rates shall also apply to
judgments entered in favor of the plaintiff pursuant to RCW 84.68.030. The interest rate is derived from the equivalent
coupon issue yield of the average bill rate for twenty-six
week treasury bills as determined at the first bill market
auction conducted after June 30th of the calendar year
preceding the date the taxes were paid. The rate thus
determined shall be applied to the amount of the judgment or
the amount of the refund, until paid:
| Year tax paid |
Auction Year |
Rate | |
| 1985 | 1984 | 11.27% | |
| 1986 | 1985 | 7.36% | |
| 1987 | 1986 | 6.11% | |
| 1988 | 1987 | 5.95% | |
| 1989 | 1988 | 7.04% | |
| 1990 | 1989 | 8.05% | |
| 1991 | 1990 | 8.01% | |
| 1992 | 1991 | 5.98% | |
| 1993 | 1992 | 3.42% | |
| 1994 | 1993 | 3.19% | |
| 1995 | 1994 | 4.92% | |
| 1996 | 1995 | 5.71% | |
| 1997 | 1996 | 5.22% | |
| 1998 | 1997 | 5.14% | |
| 1999 | 1998 | 5.06% | |
| 2000 | 1999 | 4.96% | |
| 2001 | 2000 | 5.98% | |
| 2002 | 2001 | 3.50% | |
| 2003 | 2002 | 1.73% | |
| 2004 | 2003 | 0.95% |
[Statutory Authority: RCW 84.69.100. 02-23-081, § 458-18-220, filed 11/19/02, effective 12/20/02; 02-03-039, § 458-18-220, filed 1/8/02, effective 2/8/02; 00-24-106, § 458-18-220, filed 12/6/00, effective 12/31/00; 99-24-033, § 458-18-220, filed 11/23/99, effective 12/24/99. Statutory Authority: RCW 84.08.010, 84.08.070 and 84.69.100. 99-01-066, § 458-18-220, filed 12/14/98, effective 1/1/99; 98-01-177, § 458-18-220, filed 12/23/97, effective 1/1/98; 97-02-068, § 458-18-220, filed 12/31/96, effective 1/1/97; 96-01-093, § 458-18-220, filed 12/19/95, effective 1/1/96; 95-06-044, § 458-18-220, filed 2/24/95, effective 3/27/95; 94-05-063, § 458-18-220, filed 2/11/94, effective 3/14/94. Statutory Authority: RCW 84.08.010 and 84.69.100. 93-06-096, § 458-18-220, filed 3/3/93, effective 4/3/93; 92-17-027, § 458-18-220, filed 8/11/92, effective 9/11/92; 91-15-024, § 458-18-220, filed 7/11/91, effective 8/11/91. Statutory Authority: RCW 84.69.100 and 84.08.010(2). 89-10-067 (Order PT 89-6), § 458-18-220, filed 5/3/89; 88-07-003 (Order PT 88-3), § 458-18-220, filed 3/3/88. Statutory Authority: RCW 84.69.100 as amended by 1987 c 319 and 84.08.010(2). 87-19-141 (Order PT 87-7), § 458-18-220, filed 9/23/87.]