Allows counties or cities to impose a real estate excise tax for affordable housing, subject to voter approval.

Washington HB1867 allows counties or cities to impose an additional excise tax on real property sales to fund affordable housing. The tax rate is 0.5 percent of the selling price. The tax must be approved by a majority of voters in a county or city. If a county does not impose the tax by January 1, 2027, a city within that county may impose it. The tax proceeds must be used for affordable housing development, including acquisition, building, rehabilitation, and maintenance. The tax is effective 30 days after voter approval.

Allows counties or cities to impose a real estate excise tax for affordable housing, subject to voter approval.

Washington HB1867 allows counties or cities to impose an additional excise tax on real property sales to fund affordable housing. The tax rate is 0.5 percent of the selling price. The tax must be approved by a majority of voters in a county or city. If a county does not impose the tax by January 1, 2027, a city within that county may impose it. The tax proceeds must be used for affordable housing development, including acquisition, building, rehabilitation, and maintenance. The tax is effective 30 days after voter approval.