Tell (H) Housing Members, You Oppose HB 1628
This Tuesday, the House Local Government Committee will consider HB 1628, a bill that will increase the Real Estate Excise Tax from 3% to 4% on transaction of $5 million and up. The proponents claim this will just affect wealthy homeowners, but we know that is patently false and will affect almost all multi-family real estate transactions. Tell legislators you can't make multi-family housing more affordable by making it more expensive.
This bill:
- Would create a new tier (over $5 million) in the state graduated REET Tax that would be the highest REET Tax in America.
- The REET Tax would be 4% of the selling price that is greater than $5 million, beginning January 1, 2025.
- The REET Tax shall be split as follows:
- 30% to the Washington housing trust fund created in RCW 43.185.030;
- 30% to the apple health and homes account created in RCW 43.330.184;
- 15% to the developmental disabilities trust account created in the bill
- 24% to the affordable housing for all account created in RCW 43.185C.190 for operations, maintenance, and service cost for permanent supportive housing as defined in RCW 17 36.70A.030.
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