Hearing Tuesday 2/21 8:00 am on Raising Washington State Real Estate Excise Tax to Highest in America

POSSIBLE INCREASE IN REAL ESTATE EXCISE TAX

The house local government committee will consider HB 1628 On Tuesday, February 21 at 10:30 am. The bill would increase the real estate excise tax from 3% to 4% on transactions of $5 million and above. 

Proponents claim it will only affect wealthy homeowners but as drafted would affect most multifamily real estate as well. A 4% Real Estate excise tax would be the highest in America. If you live in and own property in Washington State, you are encouraged to contact your state legislator. 

Click here to register your voice against this legislation. 

Click here to provide written comment - allowed for 24 hours post-hearing. 

Read the House Bill analysis.

Sign up to testify virtually - the deadline is 7 am Tuesday 2/21

Legislation as amended:

• Allows counties and cities that impose the new real estate excise tax for use on capital construction or acquisition of affordable housing costs of new units to also use tax revenue for infrastructure costs associated with such housing and facilities.
  
  
• Allows counties that are not required to plan under the Growth Management Act, but that have chosen to do so, and the cities within those counties, to impose the second 0.25 percent local government real estate excise with councilmanic authority, rather than with voter approval beginning on January 1, 2024.
  
  
• Allows revenue from the 1st and 2nd 0.25 percent local government real estate excise tax to be used for any capital projects, maintenance, operations and service support for existing projects.