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Results for "real estate excise tax" within Inquiries

Displaying 1 - 18 of about 18 results.

No. The  sale of city or county real property is exempt from the real estate excise tax because such a sale is not included within the definition of "sale "for real estate excise tax purposes. However, in 1993 the legislature eliminated the same exemption for purchases of ...
Inquiries
Yes. The tax can be levied and placed in a municipal or county improvements fund until the city or county completes the capital facilities element of its comprehensive plan.
Inquiries
Cities and counties cannot use these funds for planning in the sense of developing a capital facilities element or a capital improvements plan. However, MRSC has advised that cities and counties can use these funds for design costs, engineering costs, surveys, etc. for specif...
Inquiries
Yes. A capital facilities plan is required before expending either the first quarter percent REET funds, authorized by RCW 82.46.010 (2) or the second quarter percent REET funds authorized by RCW 82.46.035 .  Note that the rate at which it can be levied and the uses to whic...
Inquiries
Yes, as long as the project is one for which these revenues may be used. For example, revenues from the second quarter percent (REET 2) can only be spent on projects listed in RCW 82.46.035(5) -- street, water, sewer, and parks (excluding land acquisition) projects . Theref...
Inquiries
The city's REET applies to any real property sold within an annexed area beginning on the effective date of the annexation. The REET - which, as the name clearly states, is an excise tax and not a property tax - is on "each sale of real property in the unincorporated areas of...
Inquiries
Any county or city that is required to fully  plan under the Growth Management Act ( RCW 36.70A.040 (1)) may impose the second quarter percent of the real estate excise tax. Any county choosing to plan under the Growth Management Act ( RCW 36.70A.040 (2)) and the cities ...
Inquiries
The REET 1 statute, RCW 82.46.010 (6), includes the term "trail" in its definition of "capital project" for which REET 1 funds may be used, and so that should include a "pathway." The REET 2 statute, RCW 82.46.035 (5), on the other hand, does not include the term "trail" - ...
Inquiries
Yes, RCW 82.46.015 expands upon the use of REET 1 tax funds to allow for maintenance of capital projects as defined by the REET 1 statute ( RCW 82.46.010 (6)(b)) subject to both limitation and reporting requirements defined within the statute. The statute defines maintenan...
Inquiries
It depends. If the city or county is  required  to plan under the Growth Management Act, then only an affirmative vote of the legislative body is needed to levy this tax. (Don’t forget to notify the county treasurer so that you will begin to receive the second quarter). Howe...
Inquiries
Debt service is considered a direct result of a capital project, so REET I and REET II funds can be used for debt service of capital projects that meet the respective definitions and are listed in the city’s CIP. Use of REET II funds for REET I debt service is allowed, but su...
Inquiries
No. RCW 82.45.010 (3)(g) specifically exempts transfers of property through condemnation proceedings from the definition of "sale" for purposes of the real estate excise tax.
Inquiries
The receipts from the first quarter percent (REET 1) can be spent on "any capital purpose identified in a capital improvements plan and local capital improvements, including those listed in RCW 35.43.040 ." RCW 82.46.010 (2). RCW 35.43.040 lists projects for which local i...
Inquiries
Yes, under certain circumstances. The relevant statute, RCW 82.46.010(2) states as follows: The legislative authority of any county or any city may impose an excise tax on each sale of real property in the unincorporated areas of the county for the county tax and in the c...
Inquiries
Revenues from the first quarter percent (REET 1) may be spent only on capital projects in a capital facilities plan element of a comprehensive plan. RCW 82.46. 010(2). RCW 82.46.010 (6) lists these projects and the list seems to include everything a city or county might eve...
Inquiries
This is in response to a request for information on funding sources for the acquisition of parks and open space. This includes information on non-monetary options to acquire and protect open space. The following is a list of the primary options that we've identified: Fundin...
Inquiries
The receipts from the first quarter percent (REET 1) can be spent on "any capital purpose identified in a capital improvements plan and local capital improvements, including those listed in RCW 35.43.040 " ( RCW 82.46.010 (2)). RCW 35.43.040  lists projects for which local ...
Inquiries
These funds cannot be used for general infrastructure planning. RCW 82.14.370(3)(a) states that the funds must be used for public facilities that are listed in your economic development plan: (3)(a) Moneys collected under this section shall only be used to finance public ...
Inquiries
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