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REET collections down...anybody surprised?
 by fredo on 5/28/2008 @ 1:20pm |
If you've ever purchased a piece of property you've probably become acquainted with REET. This is the real estate excise tax. If memory serves me, the tax in Tacoma is 1 % of the purchase price. The average home owner will pay about $2700 at the time of the purchase to satisfy this tax. Of course, the REET is just one of a myriad of payments assessed at the settlement date. There are commissions, filing fees and others which drive up the actual cost of the property.
Now that real estate has tanked, elected officials are gnashing their teeth about the disappearance of the REET money. They should be more concerned with what's happening to the real estate market and the economy in general. The vanishing REET money will appear insignificant if the US economy goes into a death spiral. It would behoove elected officials to look at lessening the cost of home ownership even if it means waiving the REETs for the purpose of reinvigorating the economy. |
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