Washington Administrative Code
Title 458 - Revenue, Department of
Chapter 458-30 - Open Space Taxation Act rules
Section 458-30-590 - Rate of inflation-Publication-Interest rate-Calculation
Current through Register Vol. 24-06, March 15, 2024
(1) Introduction. This rule provides the rates of inflation discussed in RCW 84.34.330 and WAC 458-30-550 Exemption-Removal or withdrawal. It also explains the department of revenue's (department) obligation to annually publish a rate of inflation and the manner in which this rate is determined.
(2) General duty of department - Basis for inflation rate. Each year the department determines and publishes a rule establishing an annual rate of inflation. This rate of inflation is used in computing the interest that is assessed when farm and agricultural or timber land, which are exempt from special benefit assessments, is withdrawn or removed from current use classification.
(3) Assessment of rate of interest. An owner of classified farm and agricultural or timber land is liable for interest on the exempt special benefit assessment. Interest accrues from the date the local improvement district is created until the land is withdrawn or removed from classification. Interest accrues and is assessed in accordance with WAC 458-30-550.
(4) Rates of inflation. The rates of inflation used to calculate the interest as required by WAC 458-30-550 are as follows:
YEAR |
PERCENT |
YEAR |
PERCENT |
1976 |
5.6 |
1977 |
6.5 |
1978 |
7.6 |
1979 |
11.3 |
1980 |
13.5 |
1981 |
10.3 |
1982 |
6.2 |
1983 |
3.2 |
1984 |
4.3 |
1985 |
3.5 |
1986 |
1.9 |
1987 |
3.7 |
1988 |
4.1 |
1989 |
4.8 |
1990 |
5.4 |
1991 |
4.2 |
1992 |
3.3 |
1993 |
2.7 |
1994 |
2.2 |
1995 |
2.3 |
1996 |
2.2 |
1997 |
2.1 |
1998 |
0.85 |
1999 |
1.42 |
2000 |
2.61 |
2001 |
1.89 |
2002 |
1.16 |
2003 |
1.84 |
2004 |
2.39 |
2005 |
2.54 |
2006 |
3.42 |
2007 |
2.08 |
2008 |
4.527 |
2009 |
-0.85 (negative) |
2010 |
1.539 |
2011 |
2.755 |
2012 |
1.295 |
2013 |
1.314 |
2014 |
1.591 |
2015 |
0.251 |
2016 |
0.953 |
2017 |
1.553 |
2018 |
2.169 |
2019 |
1.396 |
2020 |
0.602 |
2021 |
3.860 |
2022 |
6.457 |
2023 |
3.67 |
Statutory Authority: RCW 84.34.360, 84.34.065, 84.34.141, and 84.69.100. 13-02-053, § 458-30-590, filed 12/26/12, effective 1/1/13; 12-01-040, § 458-30-590, filed 12/13/11, effective 1/1/12. Statutory Authority: RCW 84.34.360. 11-02-016, § 458-30-590, filed 12/29/10, effective 1/1/11; 10-02-027, § 458-30-590, filed 12/29/09, effective 1/1/10; 08-24-115, § 458-30-590, filed 12/3/08, effective 1/3/09; 08-04-050, § 458-30-590, filed 1/31/08, effective 3/2/08. Statutory Authority: RCW 84.34.360 and 84.34.310. 07-01-012, § 458-30-590, filed 12/7/06, effective 1/1/07; 05-24-119, § 458-30-590, filed 12/7/05, effective 1/1/06; 05-01-052, § 458-30-590, filed 12/7/04, effective 1/1/05; 03-24-076, § 458-30-590, filed 12/2/03, effective 1/2/04; 02-24-058, § 458-30-590, filed 12/3/02, effective 1/3/03; 02-03-041, § 458-30-590, filed 1/8/02, effective 2/8/02; 00-24-107, § 458-30-590, filed 12/6/00, effective 1/1/01; 99-24-035, § 458-30-590, filed 11/23/99, effective 12/24/99; 99-01-068, § 458-30-590, filed 12/14/98, effective 1/1/99; 98-01-179, § 458-30-590, filed 12/23/97, effective 1/1/98; 97-02-067, § 458-30-590, filed 12/31/96, effective 1/1/97; 96-01-094, § 458-30-590, filed 12/19/95, effective 1/1/96; 95-06-043, § 458-30-590, filed 2/24/95, effective 3/27/95. Statutory Authority: RCW 84.34.360. 94-11-098, § 458-30-590, filed 5/17/94, effective 6/17/94; 92-22-061, § 458-30-590, filed 10/29/92, effective 11/29/92. Statutory Authority: RCW 84.08.010 and 84.08.070. 90-24-087, § 458-30-590, filed 12/5/90, effective 1/5/91. Statutory Authority: Chapter 84.34 RCW and RCW 84.34.360. 89-05-010 (Order PT 89-3), § 458-30-590, filed 2/8/89. Statutory Authority: RCW 84.34.360. 88-07-004 (Order PT 88-4), § 458-30-590, filed 3/3/88; 87-07-009 (Order PT 87-3), § 458-30-590, filed 3/10/87.