| WHAT CHANGES? | WITH INITIATIVE 184* |
WITH INITIATIVE 657** |
| All Voter approved levies |
Has no effect on any schools, hospitals or other voter approved projects. | Has no effect on any schools, hospitals or other voter approved projects. |
| Base year for fixing assessed value. | Establishes 1995 assessed value for all existing real property both residential & commercial. | Uses 1992 as a base for all property acquired in or before 1992. |
| New Construction | Establishes 1995 as the base year for the cost basis. | Value established in year of construction. |
| Tax revenues from new construction |
No limit imposed except as it impacts the levy limit. | No limit imposed. |
| Resale of property | Would use the 1995 assessed value as a base value. | Fair market value in the year acquired. |
| Adjustment of assessed value for inflation | Would allow assessed value to increase by a maximum of 2% or decrease to reflect a decline in value. | The base value to increase by a maximum of 2%. |
| Current 106% levy limit |
106% levy limit will be gradually reduced to 102% by year 2000. | A taxing district will be allowed to have tax revenue growth by the lesser of 2% or CPI. |
| Impact on state levy |
No impact | State levy will only be imposed on commercial property and a non - owner occupied residence. |
| Exemptions for owner occupied principal residence | No exemptions, the existing constitutional limit of $10.00per each $1000.00 of assessed value will be maintained. | Exempted from all of the state levy, a maximum of $3.60 per each $1000 of assessed value. Local county levy now at $5.90 per each $1000 of assessed value will be reduced by $0.9 to $5.00 per each $1000 of assessed value. |
*Authored by Washington State Representative Steve Hargrove
**Authored by Don Carter
ACTS
Anonymous Citizens for Tax Sanity
409 Q St.
Port
Townsend WA 98368
Phone: 360-385-0786
E-Mail to dwren@olympus.net
Last Modified 11/20/97