Tax on expensive real estate sales in Washington is not happening
A tax on real estate sales in Washington over $3 million did not pass in this years state legislative session, dealing a blow to advocates who had hoped for a permanent funding stream for affordable housing.
House Bill 2276 would have added the tax beginning in 2026. Revenue from it, about $130 million a year, would have funded housing for low-income people, people with developmental disabilities and people with mental and behavioral health needs.
The 1% real estate transfer tax would have applied to any portion of a sale price over $3,025,000. The bill would have also expanded the lowest tier of the states real estate excise tax which currently covers properties sold at $525,000 or less to include properties sold at $750,000 or less. This wouldve left most people selling homes in Washington with no change in their tax bill or a decrease.
After passing out of a House committee last month, the proposal never made it to a vote on the floor or to the Senate.
https://washingtonstatestandard.com/2024/03/11/tax-on-expensive-real-estate-sales-in-washington-wont-happen-this-year/