A Guide to Washington's New Real Estate Excise Tax
In this past legislative session, Washington State implemented a new, graduated Real Estate Excise Tax (REET), which will replace the current standard rate for a variable one dependent upon a property’s value. To help home sellers navigate the change, Realogics Sotheby’s International Realty (RSIR) introduced WashingtonREET.com, a calculator that estimates taxes when selling a home in 2019 and 2020.
The tiered REET structure takes effect on January 1st, 2020 and will change the taxes on all property types, with the exception of undeveloped, raw agricultural land. Sellers at the $500k or below price point will benefit from a tax break. The break even point falls around the $1.56 million range, while sellers of homes valued about that will be subject to larger REET sums.
This information is deemed reliable but cannot be guaranteed. Consult a qualified professional before making any investment decision. All excise tax calculations are rounded to the nearest dollar. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned And Operated. Seller reserves the right to change product offering without notice. E&OE.