For a certain segment of the market, selling a home is going to get a little more expensive. Here’s why.
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In the state of Washington, the real estate excise tax is currently made up of a 1.28% rate from the state and a .5% local tax to total 1.78%. That’s all about to change come January 1, 2020.
**If you’re considering selling, especially if you have some higher-end real estate or commercial property, it’s going to affect you. ** It won’t have a huge impact on the typical seller below that, however.
The 1.78% excise tax is due at the time of sale and is separate from a capital gains tax. On January 1, the total excise tax on homes in the $0 to $500,000 range will be 1.6%. From $500,000 to $1.5 million, that tax will remain the same at 1.78%. For homes valued in the $1.5 million to $3 million range, you will see a significant jump to 3.25%. For homes $3 million and above, the number is 3.5%. It’s based on the sale price of the home and is doubling for some property owners.
If you have any questions about this upcoming change or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
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