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To: CalculatedRisk who wrote (26464)3/28/2005 5:30:31 PM
From: RealMuLan  Respond to of 116555
 
"In Washington, transfers of real property, both residential and commercial, are subject to state and local real estate excise taxes (REET). The state imposes a 1.28 percent tax on sales and other transfers of real property. That is, for every $100,000 of a property’s sales price, the state assesses $1,280 in state real estate excise tax. Sale of a median priced home in King County (about $244,450 in July of 2000) would, therefore, generate $3,129 in state real estate excise tax."

researchcouncil.org

researchcouncil.org

co.clark.wa.us



To: CalculatedRisk who wrote (26464)3/28/2005 5:32:44 PM
From: Steve Lokness  Read Replies (1) | Respond to of 116555
 
If you are your own contractor then you pay sales tax on labor and materials for everyone and everything that goes into a new home. If you are a spec builder, then I believe you pay the entire sales cost of the house. You don't pay the tax over and over again - by that I mean if a contractor hires a sub - the sub does not pay the tax - only the final user.

I believe the Real Estate Excise Tax is now at 1.28%.

Steve


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