Local Real Estate Excise Tax - Rates JOctober 31, 2022 (pdf).Local Real Estate Excise Tax - Rates NovemJanu(pdf).Local Real Estate Excise Tax - Rates Februand after (pdf).Changes the reporting requirements during the annual corporate renewal cycle to disclose any transfers of 16% of more.Īttention: The local REET must be calculated and added to the graduated state rate for the total tax due.Expands the transfer period from 12 months to 36 months.Updates for controlling interest transfers (50% or more change of ownership in an entity that owns real property). Exception: Agricultural land/timberland is excluded from the new rate structure and will continue to have a state REET rate of 1.28%.Some of these changes include:Ī graduated state REET rate structure for sales of real property. 1, 2020, ESSB 5998 made changes to the real estate excise tax program.
Modify the reporting requirements during the annual corporate renewal cycle to disclose any transfers of 16% or more.įor more information, see the section below titled: What rate do I pay? What rate do I pay?Įffective Jan.Expand the transfer period from 12 months to 36 months.
REAL ESTATE CONVEYANCE TAX IN STATE BY STATE UPDATE
Update controlling interest transfers (50% or more change of ownership in an entity that owns real property). 1, 2020Ĭreate a graduated state REET rate structure for sales of real property. Paying the tax Program changes, effective Jan. REET also applies to transfers of controlling interest (50% or more) in entities that own real property in the state. Unpaid tax can become a lien on the transferred property. The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. All sales of real property in the state are subject to REET unless a specific exemption is claimed.
Real estate excise tax (REET) is a tax on the sale of real property. Subscribe to receive notifications about the Real Estate Excise Tax.
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