Washington state passed Senate Bill 5998; Adjusting the Real Estate Excise Tax that home owners have to pay upon the sale of their Residential Home.
Prior to this change, home owners paid a total of 1.78% on the sales price of their property, regardless of price. January 2020, this will change and a tiered system will follow. 80% of home owners will benefit from this change, however 20% will be adversely affected. See the headline graphic, which summarizes the changes we will see come into play, starting January 2020.
If you are on the fence about selling your home and the current market value is more than 1.5Million, consider selling now. You could be saving yourself a lot of money you would otherwise be paying in excise tax come the new year.
Call/Text Realtor Jenny Wetzel with question (253)381-9788
