Maria sells her single-family home in Tacoma for $480,000. She asks her broker which REET rate applies to her transaction. Based on Washington's current graduated REET schedule, which rate applies to the full sale price of this transaction?
Correct Answer
A) 1.1%, because the entire sale price falls within the first tier (up to $525,000)
Under RCW 82.45, the first tier of Washington's graduated REET applies a rate of 1.1% to the portion of the selling price up to $525,000. Since Maria's sale price of $480,000 falls entirely within this first tier, the full amount is taxed at 1.1%. The total REET owed would be $480,000 × 1.1% = $5,280.
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Key Terms:
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