Mill Creek rep proposes new tax to fund over $3M in affordable housing
Washington Democrats are again looking to raise taxes on expensive property sales to help pay for affordable housing.
A bill that dropped Tuesday would add a tax to the sale of real estate over about $3 million. Revenue from that tax, estimated at just under $300 million every two years, would provide a funding stream to pay for affordable housing projects. The bill would also decrease the tax rate for property sales under $750,000.
“We’ve made a commitment to housing,” said sponsor and House Finance Chair Rep. April Berg, D-Mill Creek. “We’ve made a commitment to Washingtonians to help them at their kitchen tables with their expenses. This bill does both.”
This idea is not new, Berg said. It builds on a similar proposal last year that would have raised the real estate excise tax at the state and local levels to fund affordable housing. That bill, sponsored by Rep. Frank Chopp, D-Seattle, never made it out of the House, despite a late-session push by lawmakers to get it over the finish line.
https://www.heraldnet.com/news/mill-creek-rep-proposes-new-tax-to-fund-over-3m-in-affordable-housing/