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Bill > HB1641


WA HB1641

WA HB1641
Amending the definition of timberland for purposes of determining the real property excise tax for a governmental entity.


summary

Introduced
01/28/2025
In Committee
01/28/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT Relating to the definition of timberland for the purposes 2 of determining the real property excise tax for a governmental 3 entity; and amending RCW 82.45.060. 4

AI Summary

This bill amends the definition of timberland for real property excise tax purposes, expanding the classification to include land transferred or sold to a governmental entity that manages the land in the same manner as designated forestland or classified timberland. Specifically, the bill modifies the existing law by adding a third category to the definition of timberland: land transferred to a governmental entity that will be managed according to forestland or timberland regulations. The bill maintains the existing real estate excise tax rates, which vary based on the property's selling price, with a special provision for timberland and agricultural land that keeps their tax rate at 1.28 percent. The legislation also includes provisions for periodic adjustments to selling price thresholds based on the consumer price index for shelter, with adjustments to be made every four years and published by the department. The bill ensures that county treasurers are not responsible for verifying property classification, with that responsibility falling solely to the department during its audit process. This change aims to provide clarity and consistency in how timberland is defined and taxed when transferred to governmental entities.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Public hearing in the House Committee on Finance at 1:30 PM. (on 02/13/2025)

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