What types of taxes will I have to pay when I buy or sell real estate?

When buying or selling real estate in Washington, you will be subject to taxes. Depending on the type of property you are buying or selling, the taxes you owe may vary. If you are buying or selling residential real estate, you may be responsible for a variety of taxes, including a property tax, real estate excise tax, and sales tax. The property tax is based on the value of the property, and is usually paid to the county treasurer. The real estate excise tax is a state tax that is generally 1.28% of the sale price and is paid by the seller. Finally, the sales tax is 6.5% of the sale price and is paid by the buyer. When buying or selling commercial real estate, you may also need to pay a variety of taxes. These include a property tax, a real estate excise tax, and a business and occupation tax. Just like in residential real estate, the property tax is based on the value of the property, and is usually paid to the county treasurer. The real estate excise tax is a state tax that is 1.28% of the sale price and is paid by the seller. Finally, the business and occupation tax is 0.484% of the sale price and is paid by the buyer. In either residential or commercial real estate transactions, there may be additional taxes that may apply. It is important to consult a tax professional to determine what taxes you may be responsible for when buying or selling real estate in Washington.

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What types of taxes will I have to pay when I buy or sell real estate?

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