Under Washington's Real Estate Excise Tax law, which government entity is responsible for collecting REET at the time of a property sale?
Correct Answer
B) The county treasurer in the county where the property is located
Under RCW 82.45, REET is collected by the county treasurer in the county where the property is located. The seller (or escrow agent on the seller's behalf) submits the Real Estate Excise Tax Affidavit along with payment to the county treasurer. The county treasurer stamps the affidavit as evidence of payment, which is then required for the deed to be recorded with the county auditor.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
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