Tell Lawmakers They Can't Fund Affordable Housing by Making ALL Housing More Expensive!
As you well know, Washington is facing an affordable housing crisis. We are one of the lowest-ranked states in the nation when it comes to housing supply.
While the State Legislature is prioritizing housing this year, they are also considering increasing the Real Estate Excise Tax (REET). This REET increase is intended to fund affordable housing.
The bill would increase the REET on all sale transactions over $5M to 4% (from 3%) and allows local jurisdictions to add a .25% to ALL sale transactions -- potentially adding THOUSANDS of dollars in taxes to the cost of all homes and commercial properties.
You can't make housing more affordable by increasing the cost of housing. We need you to please send a pre-written message to your lawmakers and inform them of that right away.
Please click on the link below to send an automated message to your state representative and senator and help ensure that Legislators hear from REALTORS® and commercial practitioners all across the state.
UPDATE – WASHINGTON’S LAWYERS AND REALTORS READY TO FIGHT INSLEE’S TAX PROPOSALS
Governor Inslee’s tax proposals on commercial real estate property sales include a new capital gains tax of 9% and increasing the state portion of the real estate excise tax by 66% and nearly doubling the state portion of the real estate excise tax.
GOVERNOR INSLEE PROPOSES
CRE TAXES IN WASHINGTON
As we begin preparing for Legislative Day in Olympia on January 24, 2019, it will be important that you are well versed on the taxes being proposed during the upcoming state legislative session by Governor Inslee. They will have a MAJOR impact on commercial real estate, if implemented.
HERE is a summary provided by Washington REALTORS. WSCAR’s lobbying efforts will be critical in 2019.
We strongly suggest you review this summary and share with all of the brokers in your offices, and encourage you to share with your clients, because they will be impacted.
Lastly, we encourage you and all of your peers to contact your legislators to voice your opinion on the proposed taxes. If you are unsure who the legislators are in your district, they can be looked up here:
Washington State District Finder
Let us know if you have any additional questions or comments.