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April 28, 2019 - May 4, 2019

New Progressive State Real Estate Excise Tax Will Significantly Affect Sellers of $1.5M+ Properties

Washington State lawmakers passed a bill that will implement a graduated Real Estate Excise Tax (REET), which will go into effect on January 1, 2020. What does that new graduated REET mean to you?

Currently, the state taxes property sales at a single rate of 1.28%, which is typically accompanied by an additional county tax. In King, Pierce and Snohomish counties, the additional county tax is 0.5%, making the total excise tax owed on a property sale in those counties 1.78%. Now the state REET will be progressive and based on the sales price of your property. Real Estate excise taxes are paid by the seller of a property in our state.

Here is how the current real estate excise tax compares to what is coming:
New REET Graphs 4.30.2019

Here are some examples of what tax amounts would be due at the current vs. the new tax rates at the different price breaks:
New Price REET Graphs 4.30.2019

By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.

 

 


Update on 403 13th Condominiums in Capitol Hill

The new construction condominium building 403 13th, in Capitol Hill, has hit the market.

403 Thirteenth 2Update on the Details:

  • Only 6 condominium homes
  • 4 stories
  • Large windows
  • Luxury finishes
  • Bosch appliances for units on floors 1 and 2 and SubZero and Ilve appliances for units on floors 3 and 4
  • Gas cooking
  • Two tone kitchen cabinets
  • Hardwood flooring throughout
  • Fully tiled shower surrounds
  • On demand hot water
  • High efficiency heat and A/C
  • Step off elevator directly into units on floor 3 and 4
  • 4 of 6 units have private decks
  • Ready for closings and move-ins in mid May
  • Pricing from $499,900 to $1,459,900

By Marco Kronen with Seattle Condo Review: A guide to Seattle condos.