The bill amends RCW 82.45.060 to clarify the definition of "timberland" for the purpose of determining the real property excise tax applicable to governmental entities. The new definition specifies that timberland includes land with standing timber and structures, and it must be classified under chapter 84.34 RCW, designated under chapter 84.33 RCW, or transferred to a governmental entity that manages the land similarly to designated forestland or classified timberland. Additionally, the governmental entity must adhere to specific compliance requirements outlined in RCW 84.33.140(13)(j) or RCW 84.34.108(6)(m).

The bill also outlines the structure of the real property 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 ensure that the thresholds reflect economic changes, and the Department of Revenue is tasked with publishing updated thresholds and providing guidance for property classification. The bill aims to ensure clarity in tax obligations and proper classification of timberland, thereby enhancing the management of real property taxation in Washington State.

Statutes affected:
Original Bill: 82.45.060