Washington Administrative Code
Title 458 - Revenue, Department of
Chapter 458-61A - Real estate excise tax
GENERAL INFORMATION AND TAXABILITY OF TRANSFERS
Section 458-61A-103 - Transfers involving an underlying debt
Current through Register Vol. 24-06, March 15, 2024
(1) Introduction. The real estate excise tax applies to transfers of real property when the grantee relieves the grantor from an underlying debt on the property or makes payments on the grantor's debt. The measure of the tax is the combined amount of the underlying debt on the property and any other consideration.
(2) Consideration. Consideration includes the amount of any lien, mortgage, contract indebtedness, or other encumbrance remaining unpaid on the property at the time of sale. It does not include the amount of any outstanding lien or encumbrance in favor of the United States, the state, or a municipal corporation for taxes, special benefits, or improvements. RCW 82.45.030(3).
(3) Examples. This rule includes a number of examples that identify a set of facts, and then state a conclusion. These examples are only a general guide. The tax results of other situations must be determined after a review of all facts and circumstances.
Statutory Authority: RCW 82.32.300, 82.01.060(2), and 82.45.150. 05-23-093, § 458-61A-103, filed 11/16/05, effective 12/17/05.