11/30/2007: "It's Back!! + Tax Deferments Too"

Since it has to do with a tax, it may come as a shock to learn that House Bill 2416 (Reinstating the 1% property tax limit) passed in the House (86 to 8) on November 29, 2007 to reinstate the 1% property tax limit adopted by the voters under Initiative 747.

Introduced by Rep. Christopher Hurst on November 29, 2007, the passage of the bill and the signing by will reinstate the one percent regular property tax limit approved by voters through I-747 in 2001. This act is in response to a decision handed down by the State Supreme Court that threw out the tax cap that was implemented with the enactment of I-747. Gregoire signed it on Thrusday night. This act is retroactive to 2002 .

In another move by the Legislature that may be very helpful to those earning less $57,000.00 a year, a bill was also passed that allows a home owner to defer half of the property tax on a home; however when the house sells, the unpaid tax must be paid back; with interest. Introduced by Rep. Larry Seaquist on November 29, 2007, this program is to be administered through the County Auditor’s office and applies to taxes due and payable after April 30, 2008 .