Just wanted to make sure that you knew that the Washington State Legislature passed an additional real estate excise tax as well as relaxed condominium law so that construction defect insurance is not so onerous. Washington state real estate tax has long been 1.28 %. The new rate went down for sales under $500K to 1.1% but went up substantially to 2.75% for sales $1.5M – $3M. Furthermore, for sales over $3M, excise tax went up to 3%, all other sales remain at 1.28%. These new rates take effect first of next year.
For More How the New Tax Will Affect Your Taxes Please Read KREM’s Article Below: