HB 1628 Action Alert

Posted By: Ryan Makinster Action Alerts,

Help Stop A Bill That Will Add Substantial Costs to Multi-Family Development and Property Sales

Please take a moment to click on the link below to sign in to the legislative record and let the  House Local Government Committee members know that you oppose this legislation.
Why it matters. The lawmakers you vote for need to hear your voice. When you speak up, it helps them understand the true impact the legislation has on the people they serve and represent.

What you need to do
  • Click the links below to take action and sign in to the legislative record with a position of “con”
  • Complete the required fields, click the “I’m not a robot” captcha and hit send
  • Share this Call to Action with your Owners, Developers, friends and colleagues

Tell (H) Housing Members, You Oppose HB 1628

This Tuesday, the House Local Government Committee will consider HB 1628, a bill that will increase the Real Estate Excise Tax from 3% to 4% on transaction of $5 million and up. The proponents claim this will just affect wealthy homeowners, but we know that is patently false and will affect almost all multi-family real estate transactions. Tell legislators you can't make multi-family housing more affordable by making it more expensive.

 This bill:
  • Would create a new tier (over $5 million) in the state graduated REET Tax that would be the highest REET Tax in America.
  • The REET Tax would be 4% of the selling price that is greater than $5 million, beginning January 1, 2025.
  • The REET Tax shall be split as follows:
  • 30% to the Washington housing trust fund created in RCW 43.185.030;
  • 30% to the apple health and homes account created in RCW 43.330.184;
  • 15% to the developmental disabilities trust account created in the bill
  • 24% to the affordable housing for all account created in RCW 43.185C.190 for operations, maintenance, and service cost for permanent supportive housing as defined in RCW 17 36.70A.030.
Take action NOW!

Want to go one step further in your opposition?

Testify In Person
Testify Virtually
Submit Written Testimony
Please let me know if you have questions about  this proposal, and thank you for raising your voice and taking action on behalf of WMFHA and the multifamily housing industry.  

Ryan Makinster
Director of Government Affairs


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