In Washington-state a homeowner pays at closing real estate excise tax. The amount owed is a percentage of the final sales price. Proceeds from the excise tax are deposited into public works and city-county assistance accounts by the state treasurer, according to the Revised Code of Washington (RCW). Exclusions to this definition include transfers by gift, inheritance, a mortgage to secure a debt and other specific cases.
WA State Portion:
- 1.10% on any portion of the sale price of $500,000 or less
- 1.28% on any portion of the sale price above $500,000, up to $1,500,000
- 2.75% on any portion of the sale price above $1,500,000, up to $3,000,000
- 3.00% on any portion of the sale price above $3,000,000
In addition to State Portion, Local portion is
- 0.50% on the entire sales price