This section modifies existing section 84.55.005. Here is the modified chapter for context.
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
annual percentage increase in the consumer price index for all urban consumers (CPI-U) in the western region for all items as provided for the most recent 12-month period by the bureau of labor statistics of the United States department of labor by July 25th of the year before the taxes are payable.
"Limit factor" means 100 percent plus population change and inflation, but not to exceed 103 percent.
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"Population change" means the percent increase in population of a taxing district between the two most recent years provided in the official population estimates published by the office of financial management in April of the year before the taxes are payable. If the office of financial management estimates a net decrease in a taxing district's population, for the purposes of this section, the population change will be zero. The population of a county taxing district means the population within the county's incorporated and unincorporated areas. For taxing districts that are not coterminous with one or more cities, towns, counties, or unincorporated county areas, or any combination thereof, as provided in the official population estimates published by the office of financial management in April of the year before the taxes are payable, "population change" means:
The city population change for the city in which the taxing district is wholly located;
The population change for the county in which the taxing district is wholly located; or
For districts located in more than one county, the county population change for the county in which the greatest total taxable assessed value of the taxing district for the prior assessment year is located.
For the purposes of this subsection (3), the annual percent increase in population is calculated to the nearest tenth of one percent, rounding up to the next tenth of one percent if the second decimal place of the annual percent increase is five or greater.
"Regular property taxes" has the meaning given it in RCW 84.04.140.
This act applies to taxes levied for collection in 2022 and thereafter.