Notice of Committee Passage of Senate Bill 5289

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SB 5289, titled AN ACT Relating to nonprofit homeownership development, has been passed by the Senate Committee on Housing Stability & Affordability. 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

The following legislators voted do pass:

Senator Phil Fortunato
Republican
(360) 786-7660
phil.fortunato@leg.wa.gov

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

Senator Jeannie Darneille
Democrat
(360) 786-7652
DARNEILL_JE@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
Judith.Warnick@leg.wa.gov

Senator Patty Kuderer
Democrat
(360) 786-7694
Patty.Kuderer@leg.wa.gov

Senator Rebecca Saldaña
Democrat
(360) 786-7688
Rebecca.Saldana@leg.wa.gov

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



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

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