Notice of Introduction of Senate Bill 5289

Office of the Governor / Office of Financial Management sent this bulletin at 01/18/2019 10:36 AM PST

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SB 5289, titled AN ACT Relating to nonprofit homeownership development, has been introduced in the Senate. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

REVENUE ESTIMATES

The state property tax levy is temporarily rate based through Tax Year 2021 and changes to a budget based property tax system in Tax Year 2022. A new exemption beginning in any year before Tax Year 2022 results in a combined loss to part 1 and part 2 of the state property tax levy of $9,000 in Fiscal Year 2020 and $34,000 in Fiscal Year 2021, the first full fiscal year.

PROPERTY TAX SHIFTS

Beginning in Fiscal Year 2022, this legislation results in a state levy shift to other taxpayers of an estimated $17,000 for Fiscal Year 2022 and $49,000 in Fiscal Year 2023.

TOTAL REVENUE IMPACT:

      State Government (cash basis, $000):

           FY 2020 -     ($   9)

           FY 2021 -     ($ 34)

           FY 2022 -     ($ 49)

           FY 2023 -     ($ 49)

           FY 2024 -     ($ 49)

           FY 2025 -     ($ 49)

Local Government, if applicable (cash basis, $000):

           FY 2020 -     ($   3)

           FY 2021 -     ($ 10)

           FY 2022 -     ($ 19)

           FY 2023 -     ($ 29)

           FY 2024 -     ($ 38)

           FY 2025 -     ($ 48)

DETAIL OF REVENUE IMPACT FOR PROPERTY TAX BILLS, Calendar Year Basis

      State Government, Impact on Revenues ($000)

           CY 2020 -     ($ 17)

           CY 2021 -     ($ 49)

           CY 2022 -     ($ 49)

           CY 2023 -     ($ 49)

           CY 2024 -     ($ 49)

           CY 2025 -     ($ 48)

      State Government, ($000), Shift of Tax Burden

CY 2020 - $ 0

CY 2021 - $ 0

CY 2022 - $ 32

CY 2023 - $ 64

CY 2024 - $ 97

CY 2025 - $ 129

      Local Government, Impact on Revenues ($000)

           CY 2020 -     ($   5)

           CY 2021 -     ($ 14)

           CY 2022 -     ($ 24)

           CY 2023 -     ($ 33)

           CY 2024 -     ($ 43)

           CY 2025 -     ($ 53)

      Local Government, ($000), Shift of Tax Burden

CY 2020 - $ 44

CY 2021 - $ 135

CY 2022 - $ 228

CY 2023 - $ 323

CY 2024 - $ 421

CY 2025 - $ 523

Bill sponsors and contact information:

Senator Guy Palumbo, Prime Sponsor
Democrat
(360) 786-7600
Guy.Palumbo@leg.wa.gov

Senator Hans Zeiger
Republican
(360) 786-7648
Hans.Zeiger@leg.wa.gov

Senator Mona Das
Democrat
(360) 786-7692
DAS_MO@leg.wa.gov

Senator Marko Liias
Democrat
(360) 786-7640
Marko.Liias@leg.wa.gov

Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp

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