There are two of concern to those who pay the bills.
1. HB 1628, which has to do with capital gains taxes. It is aimed at business and people with deep pockets. BUT: It also affects the sale of real property. It involves what is called the Real Estate Excise Tax, or REET. Which is a tax that the seller pays when they sell a piece of real estate. Part of the tax goes to the state, part goes to the county in which the property is located. Some property is exempted, like agricultural if I'm not mistaken. But most people who owns a home will pay this when they sell, at least while they are still living. This session, the legislature bumped up the amount that the counties may charge, and I imagine they will all avail themselves of it. Up to $525K, the tax is nearly 2%. Over $525K, the amount is a bit over 2%. The justification for this increase is to provide more money for funding affordable housing. Okay class, what do you call it when the government takes money away from those who have it and give it to those who don't have it? It's called Communism.
2. Second is HB1355, which passed and is on the governor's desk. This one is an update of the property tax exemption for the disabled and senior citizens. Okay, as an elder, they've got my attention. This came about because legislators were getting a lot of feedback from constituents about inflation bumping them over the exemption thresholds and out of the program. This bill raises all the income thresholds for qualification. But even the least favorable level of reduction freezes the assessment valuation on your property and thus protects you from relentless Monopoly Money increases.
Bear in mind, this program has different methods of calculating income for exemption purposes, including potential reductions. It's not based strictly on what your federal tax return says. BUT: If you think you your income is low enough to qualify, I encourage you to look into this. Especially those of you who live in relatively "rich" counties, like King, Snohomish, Clark, Kitsap and Thurston.
1. HB 1628, which has to do with capital gains taxes. It is aimed at business and people with deep pockets. BUT: It also affects the sale of real property. It involves what is called the Real Estate Excise Tax, or REET. Which is a tax that the seller pays when they sell a piece of real estate. Part of the tax goes to the state, part goes to the county in which the property is located. Some property is exempted, like agricultural if I'm not mistaken. But most people who owns a home will pay this when they sell, at least while they are still living. This session, the legislature bumped up the amount that the counties may charge, and I imagine they will all avail themselves of it. Up to $525K, the tax is nearly 2%. Over $525K, the amount is a bit over 2%. The justification for this increase is to provide more money for funding affordable housing. Okay class, what do you call it when the government takes money away from those who have it and give it to those who don't have it? It's called Communism.
2. Second is HB1355, which passed and is on the governor's desk. This one is an update of the property tax exemption for the disabled and senior citizens. Okay, as an elder, they've got my attention. This came about because legislators were getting a lot of feedback from constituents about inflation bumping them over the exemption thresholds and out of the program. This bill raises all the income thresholds for qualification. But even the least favorable level of reduction freezes the assessment valuation on your property and thus protects you from relentless Monopoly Money increases.
Bear in mind, this program has different methods of calculating income for exemption purposes, including potential reductions. It's not based strictly on what your federal tax return says. BUT: If you think you your income is low enough to qualify, I encourage you to look into this. Especially those of you who live in relatively "rich" counties, like King, Snohomish, Clark, Kitsap and Thurston.
