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HomeMy WebLinkAbout2335 Increasing the Local Option Real Estate Excise Tax RateORDINANCE NO. ~ ~ AN ORDINANCE AMENDING SECTION 3.28.010 OF CHAPTER 3.28 OF THE PORT TOWNSEND MUNICIPAL CODE RELATING TO THE LOCAL OPTION REAL ESTATE EXCISE TAX AND INCREASING THE RATE OF SAID TAX FROM ONE QUARTER OF ONE PERCENT OF THE SELLING PRICE ON EACH SALE OF REAL PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY BY AN ADDITIONAL ONE QUARTER OF ONE PERCENT AND PROVIDING FOR A REFERENDUM PETITION ON THE ADDITIONAL TAX PURSUANT TO THE PROVISIONS OF RCW 82.46.021. WHEREAS, the Washington State Legislature, as part of the State's growth management legislation, has provided that local government's that are required to do comprehensive planning under the Growth Management Act may impose an additional one quarter of one percent excise tax on the sale price of real estate and utilize the revenues of said tax for expenditures on capital facilities that are the subject of an adopted capital facilities plan, and WHEREAS, the City of Port Townsend currently imposes a local real estate excise tax in the amount of one quarter of one percent of the selling price on each sale of real property within the corporate limits of the City, and WHEREAS, the City Council of the City of Port Townsend deems it necessary and appropriate to impose the additional one quarter of one percent real estate excise tax to fund capital facilities projects which are part of the City's adopted Capital Facilities Plan, Now therefore, THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND DOES ORDAIN AS FOLLOWS: Section 1. Section 3.28.010 of Chapter 3.28 of the Port Townsend Municipal Code is hereby amended to read as follows: 3.28.010 Imposed--Rate. There is imposed a tax of cnc quartcr one-half of one percent of the selling price on each sale of real property within the corporate limits of the city. Section 2. Any referendum petition filed pursuant to RCW 82.46.021 to repeal this ordinance shall be filed within seven (7) days of the passage of this ordinance with the office of the City Clerk/Treasurer, at City Hall, 540 Water Street, Port Townsend, Washington. Any petitioner seeking repeal of the tax imposed by this ordinance shall have thirty (30) days after a ballot title is prepared in response to said petition to secure on petition forms, and file with the City Clerk/Treasurer, the signatures of not less than fifteen (15) percent of the registered voters for the city in support of such petition. Section 3. This ordinance shall become effective five (5) days after its passage and publication as provided by law. Read for the first, second and City Council for the City of Port regular meeting thereof, held this day by the at a 1993. M. Clise, Mayor Attest. - David A. Grove, Clerk/Treasurer Approved as to form-