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AGCW opposes legislation creating new real-estate tax

AGCW opposes legislation creating new real-estate tax – Legislators in Olympia are considering a bill that would add a 1% real-estate transfer tax (RETT) on property sales over $3.025 million — on top of an existing 3% real-estate excise tax (REET). AGCW is OPPOSED to SHB 2276 which creates the new tax.

The bill is being pitched as a “mansion tax,” but single-family home sales make up a small portion of pricey real-estate transactions. Most high-value sales are commercial and multifamily projects which traditionally provide the most affordable housing options in our communities. This tax will be passed on to renters via higher rent.

The bill also increases the ceiling for the first tier of REET from $525,000 to $750,000. There would be no change in taxes paid for properties sold under $525,000, and only a small reduction for properties that sell for over $525,000.

Click here for AGCW’s Action Alert on this bill.

For more information, contact AGCW’s Michele Willms.

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