Bill > HB1480

This bill allows all counties in Washington state to impose a 0.5 percent (half of one percent) real estate excise tax specifically for developing affordable housing, subject to voter approval. The tax would apply to real estate sales and would be an obligation of both the purchaser and seller, with at least half the tax burden falling on the purchaser. To implement the tax, counties must hold an election where voters approve the tax for a specified period and maximum rate, which can be initiated either by a county legislative resolution or by a petition signed by at least 10 percent of voters from the previous general election. The tax proceeds must be placed in an affordable housing account and used exclusively for developing, acquiring, building, rehabilitating, maintaining, and operating housing for very low, low, and moderate-income persons and those with special needs. Disbursements from the account will follow a competitive grant and loan process, with eligible recipients including nonprofit affordable housing providers, county housing authorities, and public agency housing programs. Before implementing the tax, counties must prepare an expenditure plan, consult with city officials, and hold at least one public hearing to obtain community input.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1480&Year=2025&Initiative=false