I-747 Decision

We urge extreme caution in acting upon this decision. Until the Supreme Court issues its mandate, the opinion does not have the effect of law. It is most likely that the Court’s mandate will not be issued before November 30th, which is the date you are legally required to set your levy. Additionally, there are many unresolved questions regarding the effect of the decision, including potential banked capacity.

But more importantly, Governor Chris Gregoire has called for a special session of the Legislature on November 29 to address the property tax cap. Whether the legislative action could be retroactive is unclear. However, this is an additional risk if you increase your 2008 levy in excess of a one percent plus new construction and state assessed utilities.

New information from the state Department of Revenue:
DOR Letter
I-747 Decision and Analysis
Banked Capacity and the I-747 Decision