This bill amends existing property tax laws in Washington State, specifically RCW 84.55.005 and RCW 84.55.100, to raise the limit factor for property taxes. The definition of "inflation" is updated to reflect the annual percentage increase in the consumer price index for urban consumers in the western region, rather than the previous method based on the implicit price deflator. Additionally, the limit factor for taxing districts, excluding the state, is adjusted to be 100 percent plus population change and inflation, capped at 103 percent. The bill also introduces a new definition for "population change" and outlines the calculation methods for determining this change.

Furthermore, the bill establishes new deadlines for the Department of Revenue and county assessors regarding the determination and notification of limit factors for taxing districts. By September 1 of each year, the Department of Revenue must provide necessary limit factors to county assessors, who must then determine and notify taxing districts of their applicable limit factors by October 1. The bill also repeals RCW 84.55.0101, which previously authorized certain taxing districts to use a limit factor of 101 percent or less. This act will apply to taxes levied for collection in 2024 and beyond.

Statutes affected:
Original Bill: 84.55.005, 84.04.140