(1) During calendar year 2011, the joint legislative audit and review committee shall review the property tax deferral program under chapter 84.37 RCW. The department of revenue and county assessors shall provide the committee with any data within its purview that the committee considers necessary to conduct the review. By December 1, 2011, the joint legislative audit and review committee shall report to the legislature the results of its review.

     (2) As part of its review under subsection (1) of this section, the committee shall study and report on:

     (a) The effectiveness of the property tax deferral program in assisting families in economic distress in remaining in their homes;

     (b) The effectiveness of the property tax deferral program in decreasing the default rate on residential mortgages for the statewide population within the income threshold of the program;

     (c) The number of potential participants per thousand population by geographic region;

     (d) The ratio of actual deferral program participants to potential deferral program participants by geographic region;

     (e) The ratio of average annual household property taxes for deferral program participants and average annual income of deferral program participants by geographic region;

     (f) Economic conditions in the housing and lending markets for the prior three years and the forecasted economic conditions for the current biennium and the next succeeding biennium;

     (g) Annual costs specific to the administration of the deferral program;

     (h) Total annual costs of the deferral program;

     (i) Recommended changes to the deferral program that would increase program participation;

     (j) Any other recommendations the committee may have to improve the deferral program; and

     (k) Any other factors that the committee considers necessary to properly evaluate the deferral program.

     (3) This section expires January 1, 2012.

[2007 sp.s. c 2 § 13.]