HB 2276 – Increasing the supply of affordable and workforce housing. REET.

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DEAD: TAX REET. Increasing the supply of affordable and workforce housing.

Sponsors: Berg, Macri, Chopp, Street, Slatter, Reed, Ramel, Farivar, Alvarado, Kloba, Mena, Ormsby, Riccelli, Senn, Davis, Tharinger, Cortes, Stonier, Ortiz-Self, Fitzgibbon, Thai, Peterson, Fosse, Gregerson, Simmons, Taylor, Doglio, Pollet, Bateman, Lekanoff, Goodman, Berry, Santos, Wylie, Bergquist, Fey, Duerr, Ryu, Morgan, Nance

Bill Information
Comment on Bill
2024 Legislative Session
Companion Bill

Summary

  • Increases the “ceiling” for the Tier 1 1.1 percent state real estate excise tax (REET) from $525, 000 to $750, 000 beginning January 1, 2025.
  • Imposes a new real estate transfer tax (RETT) of 1 percent on the value of the selling price over $3.025 million.
  • Directs the revenue from RETT to be divided between accounts currently receiving REET moneys and the Washington Housing Trust Fund, Apple Health and Homes Account, the Affordable Housing for All Account, the new Developmental Disabilities Housing and Services Account, and the new Housing Stability Account.
  • Creates a REET exemption for certain sales or transfers of properties that qualify for a property tax exemption that will be used for a community purpose.

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