Washington Commercial Real Estate Tax Revenue Down to Pre 2020-Levels
(The Center Square) - A Washington State Economic and Revenue Forecast Council report found that the state’s commercial real estate excise tax revenue has fallen to pre-2020 levels before the Legislature altered the REET rate. Through 2019, the state’s REET imposed a flat rate of 1.28 % of the value of the transactions, though local governments could impose their own REET on top of that. During the 2019 legislative session, the Legislature enacted a bill that changed it to a graduated rate based on the value of the transaction with a 1.1% rate for properties below $500,000 and the highest rate at 3% for transactions of $3 million or more.
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Show Notes
(The Center Square) - A Washington State Economic and Revenue Forecast Council report found that the state’s commercial real estate excise tax revenue has fallen to pre-2020 levels before the Legislature altered the REET rate. Through 2019, the state’s REET imposed a flat rate of 1.28 % of the value of the transactions, though local governments could impose their own REET on top of that. During the 2019 legislative session, the Legislature enacted a bill that changed it to a graduated rate based on the value of the transaction with a 1.1% rate for properties below $500,000 and the highest rate at 3% for transactions of $3 million or more.
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Read more: https://www.thecentersquare.com/washington/article_7d0c6ff0-11f7-4174-a4cc-5ff25179f078.html
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