ALERT New formula for real estate excise tax calculations beginning January 1, 2020
CHANGES COMING JANUARY 2020 The Washington State Legislature is changing the way in which real estate excise taxes (REET) are calculated.
Currently, the Washington state excise tax is 1.28 percent. Local municipalities add their excise tax on top of the state tax, with most cities in our area adding 0.50 percent, to total 1.78 percent. Effective January 1, 2020, Washington state will begin calculating real estate excise taxes based on a tier system:
CW TITLE AND ESCROW WILL BE READY FOR US
Their automated Fee Estimator and all other CW systems will be updated with the latest data to ensure calculations are made using the most up-to-date information beginning January 1, 2020.
This message was brought to you by: