Finance Industry News News Taxes

Washington Real Estate Excise Tax (REET) change coming Jan. 1

Photo by Sharon McCutcheon on Unsplash

Northwest MLS

Effective Jan. 1, 2020, Washington state will begin calculating Real Estate Excise Tax (REET) based on a graduated excise tax rate for sales occurring on or after Jan. 1, 2020. Please note, this legislation does not affect rates for timberland or agricultural land, which will remain subject to REET at a 1.28% state tax rate.

The NWMLS Seller’s Net Proceeds calculator in Financial Tools has already been updated to reflect the changes in excise tax rates for sales closing on or after Jan. 1, 2020.

Please reference this flyer for more information about the change: New 2020 Excise Tax Calculations

You can find additional information from the Washington Department of Revenue here.

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