Washington state transfer tax upon real estate sale
I see transfer tax as part of closing cost document given to me by a bank. I am buying so as per mortgage officer, I don’t have to pay that. Seller needs to pay it. It seems very high~20k for 900k house. Do other states have such thing? It seems seller has to pay 5-6% to agent along with this tax which is close to 65k(5% of 90k+20k). Cost of real estate sale seems to be very high in Wa
Netflix mr.clippy Jul 8, 2019
WA excise tax is huge. Really sucks being a seller in that state.
There’s no income tax in WA state. It takes money to run a state. Revenue needs to be generated.
Also, the real estate sales excise tax is going up from 1.5% to 3% next year for sales over 1.5Million.
What are other ways state makes money?