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Real Estate Excise Tax (REET) The exact rate depends on the sales price of the property and is determined by the county in which the property is located. For example, if you are selling a home in Seattle in Washington state for $525,000, the REET for 2023 will be 1.6% or $8,400.
Washington Estate Tax Exemption The threshold for the estate tax in Washington is $2.193 million as of 2024. So if a persons estate is equal to less than $2.193 million, then it wont be taxed by Washington state upon the persons death.
Pay your taxes using a debit card, credit card, or E-check.
The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. Unpaid tax can become a lien on the transferred property.
As such, the Department of Revenue will continue collecting the tax which is due April 18, 2023. Now that the legal challenges have been settled, the Department of Revenue will continue to uphold its statutory obligation to collect the capital gains tax, said Revenue Acting Director John Ryser.

People also ask

Washingtons excise taxes apply to all business activities conducted in the state.
The State of Washington imposes a 6.5% sales tax on all retail sales as defined by statute (RCW 82.08. 020). Cities, towns, counties, transit districts, and public facilities districts may impose additional local sales taxes as described below.
No. Washingtons capital gains tax does not apply to the sale or exchange of real estate. It does not matter: How long the seller owned the property.

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