An Important Announcement for WA Property Owners

The excise tax is a real estate sales tax on any piece of property that is sold in the state of Washington and is paid for by the seller. Currently, the Washington State Excise Tax is at 1.28%. Local county taxes stack on top of that; here in King County, the excise tax is at 1.78%.

Up until this point, the excise tax has been a flat tax across the state. However, efforts are in motion that may change that moving forward.

For those who are going to sell a $500,000-or-under property, the excise tax will decrease. If you’re selling between $500,000 and $1.5 million, your tax won’t change at all. But if you’re selling a property for over $1.5 million, your tax will take a sizeable increase.

These changes in the excise tax will set in on January 1, 2020. I’m not a CPA, so be sure to talk with your tax professional to determine how, if at all, this will affect you.

If you have any questions in the meantime, don’t hesitate to reach out to me. I hope to hear from you soon!