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An Excise Tax Affidavit needs to be completed for a conveyance document, such as a deed or real estate contract, and for the sale of a mobile home not being moved.
Washington State Law requires that a Real Estate Excise Tax Affidavit be completed and signed prior to a deed being recorded to transfer ownership of real property. Type the name of the person releasing interest in the property (Seller). Type the name and address of the person gaining interest in the property (Buyer).
Transfer Tax Affidavit. The purpose of this form is to explain the nature of the transaction and to determine if the transfer is taxable. Transfer tax is based on the purchase price if it is a purchase. Additionally, transfers of leaseholds with a term of 35 years or more are subject to transfer tax.
Washington state levies a real estate excise tax (MEET) on all property sales. This state tax rate is 1.28% of a property's full selling price.
Excise taxes are taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks. One of the major components of the excise program is motor fuel.
The real estate excise tax is a tax on the sale of real estate and is typically paid by the seller of the property. Excise taxes assessed on a conveyance (transfer) must be paid prior to the recording of the conveyance documents, such as the warranty deed or real estate contract.
Definition of Excise Tax It's paid by the seller to the escrow agent or the attorney responsible for closing the deal, who then pays it to the government. Not exclusive to real estate, excise taxes are paid on most goods produced within a country.
Definition of Excise Tax An excise tax is a tax on the transfer of ownership from the seller to the buyer paid at closing. The tax amount is based on the sale price of the home and varies by state and local government. Not exclusive to real estate, excise taxes are paid on most goods produced within a country.
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