Washington Commercial Real Estate Tax Revenue Down to Pre 2020-Levels

(The Center Square) - A Washington State Economic and Revenue Forecast Council report found that the state’s commercial real estate excise tax revenue has fallen to pre-2020 levels before the Legislature altered the REET rate. Through 2019, the state’s REET imposed a flat rate of 1.28 % of the value of the transactions, though local governments could impose their own REET on top of that. During the 2019 legislative session, the Legislature enacted a bill that changed it to a graduated rate based on the value of the transaction with a 1.1% rate for properties below $500,000 and the highest rate at 3% for transactions of $3 million or more. Support this podcast: https://secure.anedot.com/franklin-news-foundation/ce052532-b1e4-41c4-945c-d7ce2f52c38a?source_code=xxxxxx Read more: https://www.thecentersquare.com/washington/article_7d0c6ff0-11f7-4174-a4cc-5ff25179f078.html