City of Bellingham Municipal Code

4.64.020 - RATE

The rate of tax imposed by Section 4.64.010 shall be 4% of the taxable rent; provided, that the following credits shall be allowed in determining the tax payable:

A. With respect to a leasehold interest arising out of any lease or agreement, the terms of which were binding on the lessee prior to July 1, 1970, where such lease or agreement has not been renegotiated, as defined by Section 2 of the state act, since that date, and excluding from such credit:

1. Any leasehold interest arising out of any lease or property covered by the provisions of RCW 28B.20.394, and

2. Any lease or agreement including options to renew which extends beyond January 1, 1985, as follows:

a. With respect to taxes due in calendar year 1976, a credit equal to 80% of the tax produced by the above rate,

b. With respect to taxes due in calendar year 1977, a credit equal to 60% of the tax produced by the above rate,

c. With respect to taxes due in calendar year 1979, a credit equal to 20% of the tax produced by the above rate;