Starting Jan. 1, 2020, if you’re selling a home or property in Snohomish County then the sale will be subject a new Graduated Real Estate Excise Tax (REET) by Washington State and Snohomish County. Here is a quick video, and a graphic below, that breaks down the following:
- REET on a $500,000 and below home.
- REET on a $500,000 - $1,500,000 home.
- REET on a $1,500,000 - $300,000,000 home.
- REET on $300,000,000 and above home.
After watching the video, continue reading to see a State and County combined tax rate table and a graphic illustrating working examples on the mentioned properties.
Combined Washington State & Snohomish County REET Rates
*The Washington State tax rate document didn't include Snohomish County's 0.5% tax rate so the table has been adjusted.
Graduated Real Estate Excise Tax Graphic
This graphic illustrates the Graduated tax breakdown on a $500,000 property, a $600,000 property, and a $4.4 million dollar property.
Note*The Dec. 19, 2019 Special Notice document linked above breaks down the following:
- Single Land Parcel
- Multiple Land Parcels
Multi-Parcel Transactions: It is unknown at present if the sales price will be applied on a pro-rated parcel-by-parcel basis or on the aggregate sales price.