Realtors protect use of real estate excise tax (REET)

Legislators in Washington State tried to slip in bills that would allow use of REET for local government operations and maintenance expenses, rather than its originakl intent of basic infrastructure needed for accomodating growth.

Realtors statewide responded in large caravans to Olympia to oppose the provisions in HB 3179 and HB 6424. At the end, legislators voted to remove the objectionable provisions. “Realtors believe that the diversion of local real estate excise tax from basic infrastructure would have negative impacts of job growth, economic recovery and the quality of life in their communities,” per the Washington Realtors website.

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