Introduced by Sen. Margarita Prentice, (D-Renton) (D) on January 21, 2009 Requires all taxable real property within a county to be revalued annually and to be physically inspected at least once each six years. Creates the annual property revaluation grant account to assist county assessors in implementing thesse provisions. Official Text and Analysis.
Referred to the Senate Ways & Means Committee on January 21, 2009
Substitute offered in the Senate on March 2, 2009 Provides that beginning 2014 the $5 fee will go to the counties for maintenance and operation or real estate excise tax processing and for annual revaluation. Three quarters of the funds are divided equally among the counties and one quarter is to be divided ratably.
The substitute passed by voice vote in the Senate on March 2, 2009
Referred to the Senate Rules Committee on March 2, 2009
Referred to the House Finance Committee on March 9, 2009
Amendment offered in the House on March 26, 2009 To allow money in the county Real Estate Excise Tax (REET) Electronic Technology Fund to revert before July 1, 2015, to be used for maintenance and operation of a county annual revaluation system or e-REET processing and reporting system. The distribution of the $5 fee is modified beginning July 1, 2014, by: allowing counties to retain one-half of the fee and changing the disbursement percentage from the State Treasurer from 75 percent to 50 percent for equal distribution to the counties of the fee.
The amendment passed by voice vote in the House on March 26, 2009
Referred to the House Rules Committee on March 30, 2009
Signed by Gov. Christine Gregoire on April 30, 2009 By January 1, 2014, all counties must revalue real property annually. Upon request, the Department of Revenue must assist counties in the valuation of industrial property valued over $25 million. DOR will operate a grant program to assist counties with converting to annual revaluations and for replacing older computer systems used for revaluations. The $5 fee on transfers of real estate is extended until December 31, 2013., after which it will go to the counties. House Amendments passed that allow money in the county REET technology fund to revert before July 1, 2015, to be used for maintenance and operation of a county annual revaluation system or e-REET processing and reporting system. Modifies the distribution of the $5 fee, beginning July 1, 2014, by (1) allowing counties to retain one-half of the fee; and (2) decreasing the state disbursement percentage to 50 percent for equal distribution to the counties of the fee..