Bulletin: WA000016

Date:
July 17, 1990
To:
All Washington Offices
RE:
Growth Management Act - Excise Tax Chapter 17(x)

Dear Associates:

The 1990 Growth Management Act has an optional provision for an additional excise tax on each sale of real property not exceeding one-quarter of one percent of the selling price.

The Growth Management Act requires counties with populations of fifty thousand or more and population increases of ten per cent over the last ten years, and the cities within those counties, to adopt comprehensive land use plans and development regulations.

These counties are Clark, Island, Jefferson, King, Kitsap, Mason, Pierce, San Juan, Skagit, Snohomish, Thurston and Whatcom. They may impose this additional excise tax by resolution.

All other counties in the state may opt into these land use regulations at their discretion. These counties, however, may then enact the additional excise tax only by a proposition approved by a majority of the voters at a general election.

Revenue from this tax is to be used for financing capital projects specified in a capital facilities plan element of a comprehensive plan. Payment remains the responsibility of the seller.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
19.04 Taxes And Assessments
Exceptions Manual:
None
Forms:
None