[WSBARP] Fwd: Real Estate Excise Tax Rate Change Notice

Fri Mar 22 09:27:27 PDT 2024

For those of you who might be new to this, I offer the following.  To make sure you are using the most current forms for the Department of Revenue, go to the Real Estate Excise Tax Forms page (https://dor.wa.gov/forms-publications/forms-subject/real-estate-excise-tax-forms), and select the drop down menu that matches the date of your transaction.  Each drop-down list contains links to the appropriate forms for the time period applicable to your transaction.

Also, this last Tuesday, the Department of Revenue issued the following notice regarding amendments to Real Estate Excise Tax Affidavits:

Amended REET Affidavits
It has come to the attention of the department that due to technological constraints, many counties are unable to process amended affidavits which increase the selling price from the originally submitted affidavit.  Specifically, some county systems are unable to correctly calculate the graduated state portion of REET on the amended selling price.  If in doubt, contact the county treasurer’s office directly.
Example:
Originally submitted affidavit selling price: $800,000 Corrected selling price: $875,000
The additional $75,000 should be calculated in the second state threshold of 1.28%.  However, the additional $75,000 is submitted on an amended affidavit as the only amount due so REET is calculated on the first threshold of 1.1%. This results in the incorrect amount of tax collected.
To alleviate this issue, the department has created a “REET Amended Affidavit Certification”.  This form is available on the REET forms page<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vZG9yLndhLmdvdi9mb3Jtcy1wdWJsaWNhdGlvbnMvZm9ybXMtc3ViamVjdC9yZWFsLWVzdGF0ZS1leGNpc2UtdGF4LWZvcm1zIiwiYnVsbGV0aW5faWQiOiIyMDI0MDMxOS45MjAzOTE4MSJ9.pWun9YlqEdRTJ7Jm7rfDnQ-oAAUADWRgNOuG12A4bwE/s/1190041153/br/239091137636-l> under “Additional documents”.
If the county is unable to collect the correct tax on an increased selling price, submit this fully completed form with a copy of the amended affidavit showing the correct selling price to the county treasurer’s office.  Write “Amended” across the top of the affidavit.  The county will not collect payment.
The county will then process this in their system using exemption code 458-61A-215(1) and forward copies of all documents to the REET team email box.  The department will process the amended affidavit and issue a notice of balance due to the contact listed (taxpayer, escrow, attorney, etc.) on the certification form.
Payment will be made directly to the department.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
marka at mbaesq.com<mailto:marka at mbaesq.com>
www.mbaesq.com<http://www.mbaesq.com/>
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jan Kelly
Sent: Friday, March 22, 2024 8:37 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Fwd: Real Estate Excise Tax Rate Change Notice

Good morning,

There is a new REET form to use starting April 1st (not an April Fool's joke).  See below.
---------- Forwarded message ---------
From: Washington Department of Revenue <WADOR at public.govdelivery.com<mailto:WADOR at public.govdelivery.com>>
Date: Fri, Mar 22, 2024 at 8:09 AM
Subject: Real Estate Excise Tax Rate Change Notice
To: <jan at jankellylaw.com<mailto:jan at jankellylaw.com>>

View as a webpage / Share<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vY29udGVudC5nb3ZkZWxpdmVyeS5jb20vYWNjb3VudHMvV0FET1IvYnVsbGV0aW5zLzM5MWFkNzQiLCJidWxsZXRpbl9pZCI6IjIwMjQwMzIyLjkyMjE5MDIxIn0._v9uItNI7nKe-W9cqVVRpyxmkXfwTniRaJlhGtYfH2E/s/2965034506/br/239313810763-l>
[Washington State Department of Revenue]

City of Toledo and Asotin City REET Rate Changes

Effective April 1, 2024

The City of Toledo (LSU 2107) is adding an additional 0.25 percent (0.0025) bringing their current REET rate to 0.50 percent (0.0050), effective April 1, 2024.

Asotin City (LSU 0201) is decreasing their rate by 0.50 percent (0.0050) bringing their current REET rate to 0.25 percent (0.0025), effective April 1, 2024.

Please access the updated affidavits found here<https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vZG9yLndhLmdvdi9mb3Jtcy1wdWJsaWNhdGlvbnMvZm9ybXMtc3ViamVjdC9yZWFsLWVzdGF0ZS1leGNpc2UtdGF4LWZvcm1zIiwiYnVsbGV0aW5faWQiOiIyMDI0MDMyMi45MjIxOTAyMSJ9.OmBq_Gtvz4JSMn8CmwfgqBhJ3A8XX4DFAfOzMTILFG8/s/2965034506/br/239313810763-l> on or after April 1, 2024.

If you have any questions, call the Department of Revenue at 360-704-5905.

________________________________
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--

Jan Kelly, JD/MBA
Attorney at Law

JK Law
PO Box 1964
Poulsbo, WA 98370
Direct Line (702) 338-6733

Licensed in Nevada and Washington.

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