Seattle is located in King County, Washington. Washington State imposes a graduated Real Estate Excise Tax (REET) calculated on the full selling price using marginal brackets: 1.10% on the first $525,000; 1.28% on the portion from $525,001 to $1,525,000; 2.75% on the portion from $1,525,001 to $3,025,000; and 3.00% on amounts over $3,025,000. King County may also collect an additional local REET. The effective rate increases with higher sale prices.
In Seattle and throughout Washington State, the Real Estate Excise Tax is paid by the seller at closing. The tax is due at the time of deed recording with King County. Buyers and sellers should confirm the complete tax amount and any local additions with their real estate attorney or title company.
Certain Seattle real estate transactions may be exempt from Washington's Real Estate Excise Tax. Common exemptions include transfers with nominal consideration, transfers to qualifying governmental entities, certain transfers between family members, and certain affordable housing transactions. Consult a Washington real estate attorney to determine whether your transaction qualifies for an exemption.