84.37.902 - Review by the joint legislative audit and review committee.

Review by the joint legislative audit and review committee. (Expires January 1, 2012.)

(1) Pursuant to chapter 43.136 RCW, the citizen commission for performance measurement of tax preferences must schedule the property tax deferral program under this chapter for a tax preference review by the joint legislative audit and review committee in 2011. The department of revenue and county assessors must provide the committee with any data within its purview that the committee considers necessary to conduct the review.

     (2) In addition to the factors in RCW 43.136.055(1), the committee must also study and report on:

     (a) The effectiveness of the property tax deferral program in assisting families in economic distress in remaining in their homes;

     (b) The effectiveness of the property tax deferral program in decreasing the default rate on residential mortgages for the statewide population within the income threshold of the program;

     (c) The number of potential participants per thousand population by geographic region;

     (d) The ratio of actual deferral program participants to potential deferral program participants by geographic region;

     (e) The ratio of average annual household property taxes for deferral program participants and average annual income of deferral program participants by geographic region;

     (f) Economic conditions in the housing and lending markets for the prior three years and the forecasted economic conditions for the current biennium and the next succeeding biennium;

     (g) Annual costs specific to the administration of the deferral program; and

     (h) Total annual costs of the deferral program.

     (3) This section expires January 1, 2012.

[2010 c 106 § 310; 2007 sp.s. c 2 § 13.]

Notes: Effective date -- 2010 c 106: See note following RCW 35.102.145.