New tax on real estate sales over $3M moves ahead in Legislature

A bill that would create a new tax on the sale of expensive real estate to pay for affordable housing is one step closer to becoming law in the Washington state Legislature.

The House Finance Committee on Friday approved House Bill 2276 on a 7 to 6 vote. Two Democrats, Reps. Larry Springer and Amy Walen, both of Kirkland, joined Republicans in voting against it.

The proposal, as passed Friday, would add a tax to the sale of real estate over about $3 million, beginning in 2026 – a year later than the original version of the bill.

Revenue from that tax, estimated at more than $130 million every year, would provide a steady funding stream for affordable housing. The proposal also cuts the tax rate for homes that sell for less than $750,000.

https://washingtonstatestandard.com/2024/02/23/new-tax-on-real-estate-sales-over-3m-moves-ahead-in-legislature/