Washington DOR Announces Changes to Real Estate Excise Tax Program

The Washington Department of Revenue (DOR) Oct. 1 announced changes to the real estate excise tax (REET) program, effective Jan. 1, 2020. The changes include: 1) a graduated rate structure for sales of real property, except agricultural land/timberland will be excluded, and continue to have a 1.28 percent REET rate; and 2) updates for controlling interest transfers by expanding the transfer period from 12 months to 36 months and changing reporting requirements during the annual corporate renewal cycle to disclose any transfers of 16 percent or more. The DOR also provided current graduated REET rates based on sale price thresholds,…

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