The bill amends RCW 82.45.060 to clarify the definition of "timberland" for the purposes of determining the real estate excise tax applicable to governmental entities. The new definition specifies that timberland includes land with standing timber and structures, which is classified or designated under specific chapters of the RCW, or is transferred to a governmental entity that manages it similarly to designated forestland or classified timberland. Additionally, the governmental entity must adhere to certain compliance requirements outlined in the RCW.

Furthermore, the bill outlines the structure of the real estate excise tax, which varies based on the selling price of the property, and establishes a mechanism for adjusting the selling price thresholds every four years based on the consumer price index for shelter. The adjustments will be published by the department, and the most recent thresholds will serve as the base for future adjustments. The bill also clarifies the responsibilities of the department and county treasurers regarding the classification of real property for tax purposes.

Statutes affected:
Original Bill: 82.45.060
Substitute Bill: 82.45.060