This section modifies existing section 84.55.010. Here is the modified chapter for context.
Except as provided in this chapter, the levy for a taxing district in any year must be set so that the regular property taxes payable in the following year do not exceed the limit factor multiplied by the amount of regular property taxes lawfully levied for such district in the highest of the three most recent years in which such taxes were levied for such district, excluding any increase due to (e) of this subsection, unless the highest levy was the statutory maximum rate amount, plus an additional dollar amount calculated by multiplying the regular property tax levy rate of that district for the preceding year by the increase in assessed value in that district resulting from:
New construction;
Increases in assessed value due to construction of wind turbine, solar, biomass, and geothermal facilities, if such facilities generate electricity and the property is not included elsewhere under this section for purposes of providing an additional dollar amount. The property may be classified as real or personal property;
Improvements to property;
Any increase in the assessed value of state-assessed property; and
Any increase in the assessed value of real property, as that term is defined in RCW 39.114.010, within an increment area as designated by any local government in RCW 39.114.020 provided that such increase is not included elsewhere under this section. This subsection (1)(e) does not apply to levies by the state or by port districts and public utility districts for the purpose of making required payments of principal and interest on general indebtedness.
The requirements of this section do not apply to:
State property taxes levied under RCW 84.52.065(1) for collection in calendar years 2019 through 2021;
State property taxes levied under RCW 84.52.065(2) for collection in calendar years 2018 through 2021**; and**
Property taxes levied under RCW 84.34.230.
This act applies to taxes levied for collection in 2023 and thereafter.