My ThoughtsSelling February 8, 2023

Excise Tax Increase for 2023

Washington State charges an excise tax on the sale of real estate.  The rate can vary by county and locality. For the vast majority of the property in King, Pierce and Snohomish Counties; the rates are as follow:

1.6% of the first $525,000 in sales price

1.78% of the amount between $525,000-$1,525,000

3.25% of the amount between $1,525,000-$3,025,000

3.5% of the amount of the sales price above $3,025,000

As an example, the excise tax for a sale of $500,000 would be $8000. The tax for a sale of $1,000,000 would be $16,855.  The tax on a sale of $2,500,000 would be $41,637.50

This current tax combines a former State Excise tax and County Revenue Stamp tax. Contact Betsy for any questions on this tax.