This bill amends existing laws related to the administration of the real estate excise tax (REET) in Washington State, specifically increasing the REET fee from $5.00 to $20.00 per transaction. The additional funds collected will be allocated to newly established administrative assistance funds for county assessors and treasurers, which are intended to support their statutory obligations. The bill also includes provisions for adjusting the fee based on the growth of the consumer price index for shelter, with updates to be published every four years.

Furthermore, the bill creates two new sections that mandate each county to establish a county assessor administrative assistance fund and a county treasurer administrative assistance fund, both of which will be held by the county treasurer. These funds will be used exclusively for the statutory obligations of their respective offices and will not require appropriations for expenditures. The act is set to take effect on September 1, 2025.

Statutes affected:
Original Bill: 82.45.180