Washington HB1480 allows counties to impose a real estate excise tax for affordable housing, subject to voter approval.

HB1480 amends Washington law to allow any county to impose a 0.5% excise tax on real estate transactions, with proceeds dedicated to affordable housing. The tax requires voter approval and can be initiated by county legislative resolution or petition. Funds are to be used for housing development, including acquisition, building, rehabilitation, and maintenance. The tax is the obligation of both the buyer and seller, with at least half the obligation on the buyer.

Washington HB1480 allows counties to impose a real estate excise tax for affordable housing, subject to voter approval.

HB1480 amends Washington law to allow any county to impose a 0.5% excise tax on real estate transactions, with proceeds dedicated to affordable housing. The tax requires voter approval and can be initiated by county legislative resolution or petition. Funds are to be used for housing development, including acquisition, building, rehabilitation, and maintenance. The tax is the obligation of both the buyer and seller, with at least half the obligation on the buyer.