In anticipation of the passage of Washington House Bill 1332, counties in Washington are actively considering how to implement changes to 2021 commercial property tax payments. This bill will allow for a deferral of the April 30 property tax payments for the tax year 2021 without penalty and interest and would allow taxpayers to enter a payment plan with the various counties. To take advantage of this deferral and payment plan, taxpayers are required to show a 25% reduction in annual revenue between year-end 2019 and year-end 2020.
According to the Department of Revenue, these changes will be administered at the county level. The experts at Ryan have learned that these changes will likely include an opt-in and attestation method, standard payment plan, and the suspension of penalties and interest while the payment plan is in good standing. Because the bill will become effective at signing by the governor, the administration of the new rule will likely be a manual process in the short to medium term. The administration of the new provision could also include refunds to those that paid the full amount of their property taxes due and then wish to participate in the deferred payment plan under the new program.
The subject matter experts at Ryan will continue to monitor the progress of this bill and are available to answer questions.
TECHNICAL INFORMATION CONTACTS:
Matt Poling
Principal
Ryan
720.524.0022
matt.poling@ryan.com
Sandy Guilfoil
Director
Ryan
425.440.2333
sandy.guilfoil@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.