Thinking of selling your home in 2020? Starting January 1, 2020, homeowners who decide to sell will see some significant changes in their Real Estate Excise Tax (REET) obligations. Here’s a brief explanation from Windermere’s Chief Economist, Matthew Gardner.
Home Sellers Impacted by the Real Estate Excise Tax Changes
Details on the New Tiered System
Real Estate Excise Tax is a tax on the real estate sale. The REET is typically paid by the seller, but the buyer is liable for the tax if it isn’t paid. Additionally, the tax applies to transfers of controlling interests (50% or more) in entities that own property in the state. Here’s more info on this from the Department of Revenue for Washington State.