- October 17, 2019
- All Washington Issuing Offices
- UNDERWRITING - Senate Bill 5998 An act establishing a graduated real estate excise tax scale. This Bill will take effect on January 1, 2020
Senate Bill 5998 was enacted during the 2019 Regular Session and signed into law by the Governor on May 22, 2019. The main points of the Bill are that the current Excise Tax rate of 1.28% has been amended to reflect a graduated scale as follows:
1.1% for sales prices up to and including $500,000.00
1.28% for sales prices over $500,000.00 up to and including $1,500,000.00
2.75% for sales prices over $1,500,000.00 up to and including $3,000,000.00
3% for sales prices greater than $3,000,000.00
Locally imposed taxes will raise these percentages. The Current Local Rates are unchanged by this Bill and will be added to the State's percentages for the actual Tax amount.
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