King Washington Form 706 2019-2024

King Washington Form 706: What You Should Know

Will be collected from the owner. Real Estate Excise Tax (MEET) — Seattle Jan 8, 2024 — In July 2018, Seattle City Council passed an ordinance increasing the Real Estate Excise Tax by 10% for the second half of this year to fund construction of the Downtown Seattle Transit Tunnel. This law was effective July 1st, 2018. City of Seattle Property Tax Rate Information To see how much and how often your property is assessed; look up your property value on the Real Estate Excise Tax Website. To see if there are any changes to the tax in the near future, click 'Property Tax' for a list of upcoming tax rates. Real Estate Excise Tax (MEET) — King County Jan 8, 2024 — The City of Tacoma and the City of Mercer Island have implemented a Real Estate Excise Tax on property located in those cities. As a result, property owners in those cities will be charged an additional rate of 4.50% on taxable real property sold on or after January 8, 2019. The tax is collected on taxable real property sold in Mercer Island and the City of Tacoma on or after April 1, 2019. The additional cost to the property owner is paid by the purchaser at the time of purchase. The tax starts at the current 2.00% rate and increases for each of the four calendar years following the effective date. The City of Tacoma's Excise Tax rate is 2.66% with a tax due each year from May 1, 2018, to August 31, 2021. King County's Excise Tax rate starts at 3.33% and increases each year until tax payments are due on April 1, 2020. Capital Gains/Distributions — Seattle Capital gains/distributions are also taxable unless they are “qualified dividend.” For more information, click here. Capital gains/distributions — capital gains are capital gains on stock certificates or other non-dividend-paying securities from a transfer of stock in a partnership or corporation in or from an S corporation (stock with no voting power), S corporation stock from an individual in a divorce or death, or from an individual in a stock purchase.

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