Amends the definition of timberland for real estate excise tax purposes in Washington.

The bill amends the definition of timberland for purposes of determining the real estate excise tax in Washington. Timberland is defined as land classified under chapter 84.34 RCW, designated under chapter 84.33 RCW, or transferred to a governmental entity managing it as designated forestland or classified timberland. The bill also outlines tax rates for different selling price thresholds and mandates the Department of Revenue to adjust these thresholds periodically based on the consumer price index for shelter or a fixed percentage.

Amends the definition of timberland for real estate excise tax purposes in Washington.

The bill amends the definition of timberland for purposes of determining the real estate excise tax in Washington. Timberland is defined as land classified under chapter 84.34 RCW, designated under chapter 84.33 RCW, or transferred to a governmental entity managing it as designated forestland or classified timberland. The bill also outlines tax rates for different selling price thresholds and mandates the Department of Revenue to adjust these thresholds periodically based on the consumer price index for shelter or a fixed percentage.