washingtonstateexcisetax: Washington State REET Changes - Is Your Glass Half Full?
- 01/17/20 03:40 PM
All real estate brokers in Washington should be aware of the changes to the Real Estate Excise Tax (REET) rates that went into effect January 1 of this year. The new rates present a "glass is half full / half empty" scenario and (to mix metaphors) the benefits and drawbacks "are in the eye of the beholder."Â The previous state tax rate was a flat 1.28% of the sales price for all properties. The new rates are graduated, which will reduce the tax for some properties and raise them for others*. Other than farm or timber land, any property selling for $500,000 and
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