The bill amends RCW 82.45.060 to clarify the definition of "timberland" for the purposes of determining the real property excise tax. 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 requirements outlined in RCW 84.33.140(13)(j) or RCW 84.34.108(6)(m).

The bill also outlines the tax rates applicable to the sale of real property, including a specific rate of 1.28 percent for timberland and agricultural land. It establishes a process for adjusting selling price thresholds every four years based on the consumer price index for shelter, ensuring that the thresholds reflect economic changes. The department is tasked with publishing guidance for proper classification of real property and is responsible for verifying classifications, while county treasurers are not held accountable for this verification.

Statutes affected:
Original Bill: 82.45.060