The final days of the Session finally made public both budgets and new ways to pay for them. One component of this was SB 5998, the graduated real estate excise tax (REET). Conceptually, the bill is very simple: lower the REET on lower-value properties to help lower-income buyers afford to buy property. The rate rises (graduates) on higher-income properties because
The legislative session passed its last major hurdle before the end of session – Wednesday was the cutoff for bills needing to pass out of their opposite house. All that is left is for bills that were amended to be approved or rejected by their original house. That, and all of the big stuff the legislature has not yet gotten
We’ve made it to the last week of session! But the big question on everyone’s mind is – will lawmakers end on time, or will it take an extra session to get the work done? As the days wane on it is becoming clear there remain several big-budget sticking points between the House and Senate. Many fear the April 28
One option the state is considering as a method to raise new revenue is to graduate the rate of taxation based on the value of the sale for the state real estate excise tax. While the increases fund different things based on the particular bill, there are two formulas the legislature is considering. Current law is a flat 1.28% REET.