Funding the development of an automated system to process real estate excise taxes.
Summary
Authorizes the creation of "real estate excise tax technology" (REET) accounts to be administered by the State Treasurer and county treasurers for the purpose of providing funding for the development and maintenance of an electronic processing and reporting system for real estate excise tax affidavits.
Allows a county treasurer to collect an additional $10 fee for the collection of certain real estate excise taxes, out of which $5 must be deposited in a local "real estate excise tax electronic technology account" and another $5 remitted to the State Treasurer for deposit in a similar statewide account.
Eliminates the legal requirement that in the event of a dispute over a transfer of property involving the filing of a real estate excise tax affidavit, the person delivering the documents to the county treasurer is responsible for producing the original signature of the grantor and grantee.
Increased the portion of REET placed in the county current expense fund from 1 percent to 1.3 percent.
Requires county to pay state REET to state treasurer by last business day of month.
Appropriates $3.9 million for grants to counties to assist with REET technology.
From the Second Substitute House Bill Report (2SHB 1240), written by the Legislature's nonpartisan staff. Read the full report ↗