Notice of Introduction for Senate Bill 6191 - Update: 10 Year Analysis Complete

Office of Financial Management

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UPDATE: The 10 year analysis for SB 6191, titled AN ACT Relating to increasing the supply of affordable and workforce housing by reducing taxes on real property sales under $3,025,000, modifying the state and local real estate excise tax, and imposing a surcharge on the transfer of multimillion dollar properties, has been completed. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal
Year

   Real estate excise tax

 

2024

$0

2025

$0

2026

$32,100,000

2027

$101,500,000

2028

$122,200,000

2029

$134,700,000

2030

$148,100,000

2031

$165,200,000

2032

$184,900,000

2033

$203,700,000

 

Total:

$1,092,400,000


Ten-year projection prepared in consultation with the following agencies:

Department of Revenue


Bill sponsors and contact information:




Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp