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Home Sequim Real Estate

Private Real Estate Transfer Tax Coming

Chuck Marunde by Chuck Marunde
June 17, 2019
Reading Time: 2 mins read
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Sequim Real Estate, Port Angeles Real Estate

Will buyers in Sequim and Port Angeles be forced to pay this real estate transfer tax? Just when you thought you were taxed enough, there’s a new tax on real estate coming our way. It started in California, as many trends do. It’s a private (not government) tax on the sale of real estate, and buyers are being forced to pay it when they purchase a home in a new development.

What Is This Private Transfer Tax?

Developers and builders often have opposition to their projects from environmental groups, land trusts, or other non-profit organizations. An alliance between develpers and these opposition groups has created a whole new paradigm, and developers are agreeing to pay off these organizations with a private transfer tax on the sale of each lot in exchange for their support for the real estate project. This saves the developer years of fighting, and clubs like the Sierra Club and the Audobon Society have found a new source of revenue.

The amazing thing is the way this new tax is imposed on innocent buyers. The developer includes a covenant incorporated into the deed, which requires future buyers to pay a percentage of the selling price to the designated land trust or charity. As of now, it appears the deeds have this requirement for a time certain, 20 years. Is this amazing? Creative, isn’t it! Because this seems to extort money from developers and ultimately from buyers while compromising what may be true environmental concerns, some would call this an unholy alliance. What say you?

This tax is apparently spreading to other states, and it is just a matter of time before it rears its ugly taxable head in Washington state.

Last Updated on June 17, 2019 by Chuck Marunde

Tags: real estate transfer tax
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Chuck Marunde

Chuck Marunde

Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and 60 books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their Sequim Buyer's Agent. 

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Comments 2

  1. Personal Income Tax Calculator says:
    14 years ago

    Surely an incredible written piece! We’ve book marked it and sent this out to every one of my buddies because I know they’ll be intrigued, thank you very much!

    Reply
  2. vmo says:
    17 years ago

    Government must think our homes are ATM machines! I for one am tired of paying excessive taxes and getting little services in return.

    Reply

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