Washington state legislators just passed a bill to change our flat real estate excise tax (REET) to a graduated tax, based on home sales price.
We know you're already dreading the ins and outs of excise tax reform - but bear with us because this is Need to Know info for all homeowners and those looking to buy!
Courtesy of the National Association of REALTORS.
Beginning in 2020, the REET will change based on the home's value. Some homes will be subject to lower taxes, some stay the same, and high priced home will see the tax raised.