Bulletin: WA2019003

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Bulletin: WA2019003

Bulletin Document
V 1
Date: October 17, 2019
To: All Washington Issuing Offices
RE: UNDERWRITING - Senate Bill 5998 An act establishing a graduated real estate excise tax scale. This Bill will take effect on January 1, 2020

Dear Associates:

Senate Bill 5998 was enacted during the 2019 Regular Session and signed into law by the Governor on May 22, 2019. The main points of the Bill are that the current Excise Tax rate of 1.28% has been amended to reflect a graduated scale as follows:

1.1% for sales prices up to and including $500,000.00 

1.28% for sales prices over $500,000.00 up to and including $1,500,000.00

2.75% for sales prices over $1,500,000.00 up to and including $3,000,000.00

3% for sales prices greater than $3,000,000.00

Locally imposed taxes will raise these percentages. The Current Local Rates are unchanged by this Bill and will be added to the State's percentages for the actual Tax amount. 

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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:
  • None
Exceptions Manual:
  • None
Forms:
  • None